Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 199 - HC - Income TaxSubstantial question of law - Sale of Transferable Development Rights (TDRs) - Jurisdiction of the AO to issue notice u/s 153C of the Act - Quantification of profit on sale of TDR - Proper sale rate per sq.ft of TDR – Held that:- The Tribunal has correctly arrived at a factual conclusion that the assessee has the right of ownership on Parvati land which was taken over by the Pune Municipal Corporation namely, PMC - The PMC in turn granted the TDRs - The assessee got rights on the TDRs as per mutual understanding between the Rauts and the assessee - formal irrevocable Power of Attorney is signed only on 9th March 2001 in favour of the assessee - The transactions in relation to TDR with M/s.SAVM Associates were concluded by Shri T.S. Raut vide agreement dated 29th April 2000 - The Power of Attorney was not in force at the time when the transaction in relation to TDR with M/s.SAVM Associates was concluded by Shri Raut - Power of Attorney and which is stated to be irrevocable is signed only on 9th March 2001. The reference is made by the Tribunal to the entries in the books of account - It is on that footing that a benefit of doubt is given to the assessee - the addition is deleted, merely because the addition is to the extent of Rs.5,61,34,260/-, that by itself and without anything more, will not raise a substantial question of law – the contention of Shri Gupta cannot be accepted that the addition should not have been deleted because the TDR remained in actual possession and control of the assessee - the disposed of as per the directions of the assessee is an attempt to re-appreciate and re-appraise the factual materials - Once the Tribunal has taken the date of the transaction of TDR and arrived at a factual conclusion that the Power of Attorney in favour of the assessee may be irrevocable but it is subsequent in point of time that the Appeal does not raise any substantial question of law for consideration – Decided against Revenue.
|