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2016 (2) TMI 275 - PUNJAB AND HARYANA HIGH COURT

2016 (2) TMI 275 - PUNJAB AND HARYANA HIGH COURT - TMI - Scope of Section 2(47)(v) r.w.s. 53-A of the Transfer of Property Act, 1882 - JDA entered by assessee - Whether “possession” as envisaged by Section 2(47) (v) and Section 53A of the Transfer of Property Act, 1882 was delivered, and if so, its nature and legal effect? - Held that:- The issues involved herein have already been decided by this Court in C.S.Atwal vs. The Commissioner of Income Tax, Ludhiana and another [2015 (7) TMI 878 - PUNJ .....

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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 24.9.2001, the agreement does not fall under Section 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. .....

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see, 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 cancelled and incapable. - Decided in favour of assessee. - ITA No.430 of 2015 (O&M) - Dated:- 22-1-2016 - MR. AJAY KUMAR MITTAL VERSUS .....

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g following substantial questions of law:- i) Whether the transactions in hand envisage a transfer eligible to tax by reference to Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53A of the Transfer of Property Act, 1882? ii) Whether the Income Tax Appellate Tribunal has ignored rights emanating from the JDA, legal effect of non registration of JDA, its alleged repudiation etc.? iii) Whether possession as envisaged by Section 2(47) (v) and Section 53A of the Transfer of Property A .....

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of Income Tax, Ludhiana and another) vide order dated 22.7.2015, wherein after examining the relevant statutory provisions and the case law on the point, following conclusions were drawn:- 1) Perusal of the 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. 2) No possession had been given by the transferor to the transferee of the entire land in part per .....

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