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2015 (11) TMI 1003 - PUNJAB AND HARYANA HIGH COURT

2015 (11) TMI 1003 - PUNJAB AND HARYANA HIGH COURT - TMI - Computation of capital gain - Transfer exigible to tax by reference to Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act, 1882 - JDA entered by assessee - Whether there was grant and assignment of various rights in the property by the appellant in favour of THDC alongwith handing over physical and vacant possession, the same tantamount to “transfer”? - Held that:- The issues involved in t .....

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ted 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 dated 25.2.2007 having been executed after 24 .....

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n bound by their said stand.

The issue of exigibility to capital gains tax having been decided in favour of the assessee, the question of exemption under Section 54F of the Act would not survive any longer and has been rendered academic.

The Tribunal and the authorities below were not right in holding the assessee-appellant to be liable to capital gains tax in respect of remaining land measuring 13.5 acres for which no consideration had been received and which stood cancell .....

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lication 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)/ .....

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th section 53A of the TPA? iii) Whether the Tribunal erred on facts and in law in holding that the requirement of registration of the JDA under section 53A of the TPA could not be read into section 2(47)(v) of the Act? iv) Whether the Tribunal erred on facts and in law in holding that the requirement of registration of the JDA under section 53A of the TPA was not necessary once power of attorney was registered? v) Whether the Tribunal erred in law in construing possession , as contemplated under .....

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session as contemplated under section 2(47)(v) of the Act read with section 53A of the TPA was given by the society to the developers since the developers 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 .....

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; (b) there was no default on the part of the developers in making payment; (c) the developers were making sincere efforts to obtain all approvals/permissions; and (d) cancellation of the JDA and/or revocation of power of attorney by the society was not proper and would not stand the test of law? xi) Whether the Tribunal erred on facts and in law in holding that there was transfer within the meaning of section 2(47) of the Act despite the fact that the JDA was terminated/cancelled by the society .....

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me which is not permissible in law? xv) Whether the Tribunal erred on facts and in law in upholding the taxation of value of the flat as part of the consideration receivable under the JDA? xvi) Without prejudice, whether the Tribunal erred on facts and in law in upholding the determination of value of the flat at the rate of ₹ 4500/- per square feet? xvii) Without prejudice, whether the Tribunal erred on facts and in law in not adjudicating the claim of exemption under section 54F, simply .....

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law would come to such a conclusion? xx) Whether demand of respondents to demand alleged income tax liability even though as per the ruling of this Hon'ble Court rendered in ITA No.200 of 2013, no tax is liable to be paid? xxi) Whether the demand is justified once question of law that there is no capital gains has been decided in favour of the assessee? 3. The facts being identical as in ITA No.200 of 2013 (C.S.Atwal vs. The Commissioner of Income Tax, Ludhiana and another), need not be not .....

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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. 3) The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee. 4) 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 regi .....

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