TMI Blog2013 (12) TMI 1569X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and the developer has found that the assessee was liable to pay capital gain in the year 2008-09, inasmuch as there was no possession handed over to the developer under Section 53A of the Transfer of Property Act in the assessment year 2003-04. It can thus be seen that finding recorded are upon appreciation of material led before the Commissioner of Income Tax (Appeals) and the Tribunal a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rni, learned Senior Counsel appearing for the respondents. 3. Mrs. A. Dessai, the learned Standing Counsel submits that the following substantial question of law arises for consideration in the present appeals: In the facts and circumstances of the case, whether the Hon'ble ITAT was justified in Law in upholding the Order of the Commissioner of Income Tax (Appeals) in which the CIT (A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid assessment year, it was a transfer within the meaning of sub-section 24 clause 5 of Section 2 of the Income Tax Act read with Section 53A of the Transfer of Property Act. As such, the Assessing Officer has rightly found that the assessee was liable to pay income by way of short term capital by the said amount. 6. The Commissioner of Income Tax (Appeals) so also the learned Tribunal upon per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the agreement dated 19th July, 2004 and 5th March, 2008. It was further found that the assessee was liable to pay the capital gain as per the last agreement i.e. for assessment year 2008-09. 7. It can thus be seen that Commissioner of Income Tax (Appeals) as well as the learned Tribunal upon basis of the factual material placed before it and upon interpretation of the agreement entered betw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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