TMI Blog2016 (2) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 dated 25.2.2007 having been executed after 24.9.2001, the agreement does not fall under Section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 54(1) of the Act in ITA No.608/Chd/2014 for the assessment year 2007-08, claiming 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 Act, 1882 was delivered, and if so, its nature and legal effect? iv) Whether there was any default on the part of the developers, and if so, its effect on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 capital gains tax having been decided in favour of the assessee, the question of exemption under Section 54F of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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