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2019 (3) TMI 1203 - HC - Income TaxEntitlement for exemption u/s 54 - agreement was entered into for joint development of property - building under construction as the same having not constructed within the stipulated period of three years for availing benefit as per Section 54(1) - contention of the Revenue is that the possession of the property in question was handed over to the Developer - 'transfer' within the meaning of Section 2(47) - execution of Joint Development Agreement and execution of Power of Attorney in favour of the Developer - HELD THAT:- The contention of the the Revenue is that the possession of the property in question was handed over to the Developer is not borne out from any evidence on record. The Tribunal, in our opinion, has rightly held that mere licence to enter into the property for measuring the land and preparing the plan for construction of the building cannot be construed as handing over physical possession of the property. Section 53A of the Transfer of Property Act also does not get attracted in such circumstances, as, admittedly, not even a part of consideration had passed on from the Developer to the Assessee in the Assessment Year 2011-2012. The mere execution of Joint Development Agreement and execution of Power of Attorney in favour of the Developer does not amount to 'transfer' within the meaning of Section 2(47) of the Act. Findings recorded by the Tribunal in the present case are findings of facts and they do not give rise to any perversity giving rise to a Substantial Question of Law so as to call for interference by this court under Section 260A - decided against revenue.
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