TMI Blog2016 (6) TMI 1197X X X X Extracts X X X X X X X X Extracts X X X X ..... ying section 53A of the transfer Act; that in clause 26 of the JDA dated 25.02.2007, the principle of force majeure had been provided for, which would be applicable with full vigour in the circumstances; that from the cumulative effect of the covenants contained in the JDA read with the registered special power of attorney dated 26.02.2007, it could not be held that the mandatory requirements of section 53A of the Transfer Act were complied with, which stood incorporated in section 2(47)(v); that once that was so, it could not be said that the assessees were liable to capital gain tax in respect of the remaining land which was not transferred by them to the developer/builder because of supervising event and not on account of any volition on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing upon Joint Development Agreement which was not executed and sale as per that agreement was not complete. 4. That the worthy CIT(A), Jalandhar has erred in law and on facts by upholding the addition made by the AO on notional basis without appreciating the facts that as per agreement flat shall be given only after full land i.e. 500 sq. yard, has been transferred to the buyer. There is no provision in agreement to allot proportionate flat or make equivalent proportionate payment. So far the present transaction where only a part of the land has been transferred, no consideration on account of flat is available. So, no question of tax liability arises. 2. The facts of the case are that the assessee is an individual, filed his return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Aggrieved, the assessee filed the appeal before the ld. CIT(A), who confirmed the order of the Assessing officer. 4. At the outset, the ld. Counsel for the assessee submitted that the issue in dispute is squarely covered by the decision of the Hon ble High Court, in the case of C.S. Atwal vs. The Commissioner of Income Tax, Ludhiana and Another, vide order dated 22.07.2015, passed in ITA No.200 of 2013 (O M), reported at 279 ITR 330 (P H) ( a copy of the order is placed on record). 5. The ld. DR, on the other, relied on the impugned order. 6. Having heard the rival contentions in the light of the material placed on record, we are of the view that the case of the assessee is squarely covered by the decision of the Hon ble High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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