9911796707
TMI Blog2020 (5) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... lement agreement on record and has disposed of the said petition to be decided in terms of settlement agreement. Since the issue has attained finality in terms of settlement agreement duly approved by the Hon ble High Court, the matter is restored back to the file of the Assessing Officer to implement the said settlement agreement and decide the issue. Accordingly, the Revenue s appeal is partly allowed for statistical purposes. - I.T.A. No.4638/DEL/2016 - - - Dated:- 13-1-2020 - Shri G.S. Pannu, Vice President And Shri Amit Shukla, Judicial Member For the Appellant : Shri Surender Pal, Sr.D.R. For the Respondent : Shri Parikshit Agarwal, CA ORDER PER AMIT SHUKLA, J.M.: The aforesaid appeal has been filed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1, Tehsil District- Gurgaon on which it had obtained development license for setting-up of a IT Park colony on 28.06.2008, but desirous of development and construction of a residential group housing colony on the land, it entered into an agreement with KGHPL requiring the latter to obtain appropriate development licenses from the Directors, Town and Country Planning/government authority in Haryana ( DTCP ), and the appellant executed a POA in favour of KGHPL; (ii) the appellant agreed to transfer and assign exclusive development rights and entitlement over the land to KGHPL who were assigned exclusive and absolute development/construction rights and entitlement over the land; (iii) KGHPL was to obtain the changes in the land usa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to the development, construction and handing over of the appellant s share, KGHPL was to pay a sum of ₹ 5,00,00,000 (Rupees five crores only) to the appellant as non-refundable deposit , within 10 (ten) days of date of the LOI for group housing colony. In the above agreement it was also provided that KGHPL shall not exit the project till the same is completed so however that in case KGHPL exited earlier than completion, the appellant shall repossess the land and the KGHPL shall handover the building project including its share allocation on as is where is basis free from all lien, encumbrances, dispute, claims of any party including contractor customers and undertake not to claim any amount/damages from the appellant in any m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the legal notices and the writ petition file before the Hon ble Delhi High Court it appears that both the appellant and KGHPL first issued legal notices to each other alleging default in non-performance on each other s part leading to filing of writ petition by KGHPL u/s 9 of the Arbitration Conciliation Act 1996 being O.M.P. 269/2014 and I.A. No.3969/2014 wherein the Hon ble Delhi High Court initially passed order on 01.03.2014 directing both the parties to maintain status quo and retrained the appellant from disturbing the possession of the suit property, and vide order dt. 21.05.2014 following compromise affidavits from both parties the Hon ble High Court allowed the petition to be withdrawn and dismissed the writ. Subsequently fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uest of the appellant) and that the IDC charges are fully paid as of April 2016 and it has also given bank guarantee of ₹ 2.50 crore to DTCP Haryana against EDC and therefore sought refund of that amount and the same time charging the appellant that the delay in obtaining sanction was due to this reason and challenged the notice for termination of the agreement which according to KGHPL/HCIPL are irrevocable. The appellant also offered two pay orders dt. 21.04.2016 of ₹ 2.50 crore each to the other party. However, the matter is still subjudice before the Hon ble Delhi High Court. 3.1.7 It therefore transpires that against the impugned amount of ₹ 5.00 crore KGHPL/HCIPL has made claim of more than ₹ 14.00 crore fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he settlement agreement and the judgment of the Hon ble High Court. 6. Ld. DR also accepted that the matter can go back to the Assessing Officer to decide the issue on the basis of decision of Hon ble High Court. 7. After considering the aforesaid submissions and on perusal of the impugned order and material placed on record, we find that the assessee had entered into an agreement with the KGHPL for development and construction of Residential Group Housing Society on the land belonging to the assessee, whereby the other party was required to obtain appropriate development licenses from Director Town and Country Planning Haryana and assessee had agreed to transfer and assign exclusive development rights over the land to KGHPL in cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
