TMI Blog2014 (8) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... ven - factually it was found that both the aspects took place in the previous year relevant to the assessment year 2003-04 – the Tribunal has rightly held that the assessee is liable to pay tax on the capital gains for the assessment year – Decided against Assessee. - ITTA No. 245/2014 - - - Dated:- 9-4-2014 - KALYAN JYOTI SENGUPTA AND SANJAY KUMAR, JJ. For the Petitioner : K. Vasanth Kumar JUDGEMENT Kalyan Jyoti Sengupta C. J.- This appeal is directed against a portion of the judgment and order of the learned Tribunal dated March 22, 2012, in relation to the assessment year 2003-04 on the following suggested questions of law : 1. On the facts and in the circumstances of the case, whether the Income-tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that at best capital gains could be assessed only to the extent of land that is developed before the agreement is cancelled and holding that capital gains arises on the whole of the land that is involved in the development agreement ? Mr. Vasant Kumar, learned counsel appearing for the appellant, submits that almost on identical issue this court admitted an appeal, therefore, this appeal should also be admitted. We are of the view that each and every individual case stands on its own footing. Before we admit this appeal we must examine the issue before us on its own merit. Therefore, pendency of another matter cannot be a ground to proceed with the matter. Mr. Vasant Kumar further submits that in this case the learned Tribunal we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eof under any law ; or (iv) in a case where the asset is converted by the owner thereof into, or is treated by him as, stock-in-trade of a business carried on by him, such conversion or treatment ; or (iva) the maturity or redemption of a zero coupon bond ; or (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882) ; or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property of which the transferee has taken or continued in possession, other than a right expressly provided by the terms of the contract : Provided that nothing in this section shall affect the rights of a transferee for consideration who has no notice of the contract or of the part performance thereof. Therefore, we are of the view, while upholding the learned Tribunal's application of law on this fact, that payment of consideration on the date of agreement of sale is not required, it may be deferred for future date. The element of factual possession and agreement are contemplated as transfer within the meaning of the aforesaid section. When the transfer is complete, automatically, consideration mentioned in the agreement f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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