TMI Blog2015 (11) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... e JDA dated 25.2.2007 read with sale deeds dated 2.3.007 and 25.4.2007 in respect of 3.08 acres and 4.62 acres respectively would reveal that the parties had agreed for pro-rata transfer of land. No possession had been given by the transferor to the transferee of the entire land in part performance of JDA dated 25.2.2007 so as to fall within the domain of Section 53A of 1882 Act. The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee. Further Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled. In the absence of registration of JDA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lay of 578 days in filing the appeal. Notice of the application was given to the respondents. After hearing learned counsel for the parties and for the reasons stated in the application, the delay in filing the appeal is condoned. CM stands disposed of. ITA No.311 of 2015 2. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, the Act ) against the order dated 12.9.2013, Annexure A.1 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, the Tribunal ) in ITA No.467 (Asr)/2013 for the assessment year 2007-08, claiming following substantial questions of law:- i) Whether on the facts and in the circumstances of the case, the Tribunal erred in uphold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs had not only the authority/right to enter into the immovable property but also to deal with the same for various purposes? viii) Whether the Tribunal erred on facts and in law in holding that there was transfer under section 2(47)(v) of the Act read with section 53A of the TPA even though unconditional willingness on the part of the developers was absent? ix) Whether the Tribunal erred on facts and in law in holding that in view of applicability of clause 26 dealing with Force Majeure , it could not be said that unconditional willingness on the part of the developers was absent? x) Whether the Tribunal exceeded its jurisdiction by sitting in judgment on issues concerning civil dispute between parties to the JDA and in int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) Without prejudice, whether the Tribunal erred on facts and in law in not adjudicating the claim of exemption under section 54F, simply because sections 54 and 54EC were inadvertently mentioned in the grounds of appeal and not section 54F of the Act? xviii) Without prejudice whether the Tribunal erred on facts and in law in holding that exemption under section 54F of the Act was not available on the value of the flat receivable under the JDA? xix) Whether on the facts and in the circumstances of the case the findings arrived at by the Tribunal are perverse, inasmuch as no reasonable person correctly informed of the provisions of law would come to such a conclusion? xx) Whether demand of respondents to demand alleged income tax l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement does not fall under Section 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. 5) It was submitted by learned counsel for the assesseeappellant that whatever amount was received from the developer, capital gains tax has already been paid on that and sale deeds have also been executed. In view of cancellation of JDA dated 25.2.2007, no further amount has been received and no action thereon has been taken. It was urged that as and when any amount is received, capital gains tax shall be discharged thereon in accordance with law. In view of the aforesaid stand, while disposing of the appeals, we observe that the assessee appellants shall remain bound by their said stand. 6) The issue of exigibility to capit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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