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TMI Blog2023 (1) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... to sell, construction agreements and sale deeds with the prospective third party purchaser. It is also clarified that the GPA shall become effective only upon approval of developmental plan and installment being paid. A combined reading of Clauses 3.1 and 13 shows that parties have specifically agreed that assessee shall continue to own entire JD property until conveyance deed took place. Clause 13 is in consonance with Clause 3.1. There is no material on record to show that any conveyance had taken place in A.Y. 2014-15. Unless, there is material to establish that there was any conveyance, the view taken by the A.O. is perverse and the said view has rightly been reversed by both CIT(A) and ITAT. The questions of law are answered in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Senior Standing Counsel for the appellant-Revenue and Shri Annamalai, learned advocate for the respondent-Assessee. 3. At the outset, Shri S.Annamalai, submitted that the issue involved in this appeal is covered by the decision of this Court in Mrs.Margrit Goverdhan Vs. Income Tax Officer (ITA No.328/2018 connected cases) . 4. Shri Aravaind, learned Senior Standing Counsel for the Revenue, refuting the submission of Shri Annamalai submitted that the facts are slightly different in this case and therefore, the issue is not covered by the said decision. 5. Brief facts of the case are, assessee entered into a JDA (Joint Development Agreement) dated April 3, 2013 with M/s Assetz Whitefield Homes Pvt.Ltd. for development of its property in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... milar to ITA No.328/2018 and connected cases. With these submissions, he prayed for allowing this appeal. 10. Shri Annamalai for the assessee contended that Clause 13.1 of the JDA makes it clear that until conveyed to the purchasers of the units in the Project, the owner shall own the entire JD property and the developer shall own all structures, units, buildings and other infrastructure. According to Shri Annamalai, the assessee shall remain the owner of units till the date of conveyance. With these submissions, he prayed for dismissal of this appeal. 11. We have carefully considered rival submissions and perused the records. 12. Undisputed facts of the case are, as per para 3 of the JDA, the assessee shall continue to own the entire prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asers of units in the Projects, including receiving monies towards such bookings. Simultaneously with the payment of the Development Plan Installment, and if required by the Developer, the Owner undertakes to execute and register a document acknowledging that the Power of Attorney is fully effective and the Developer has powers to enter into agreements to sell, construction agreements and sale deeds with third party purchasers. 13.3. The cost of the Power of Attorney including, but not limited to stamp duty and registration fee, shall be borne by the Developer. It is hereby understood between the Parties that the Power of Attorney is coupled with interest and hence the said Power of Attorney is irrevocable and co-terminus with this Agreemen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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