GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (10) TMI 1051 - ITAT AMRITSAR

2016 (10) TMI 1051 - ITAT AMRITSAR - TMI - Transfer exigible to tax by reference to Section 2(47)(v) of the IT Act 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 alongwith handing over physical and vacant possession, the same tantamount to “transfer”? - Held that:- Issue in dispute is squarely covered in favour of the assessee and against the Revenue by the decision .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n the part of the developers, or it could not be performed by them, which was one of the conditions precedent for applying section 53A of the transfer Act. - 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 mandato .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the remaining land had accrued or arisen to the assessee in the facts of the case. - Decided against revenue - ITA No. 571(Asr)/2015, ITA No.572(Asr)/2015 - Dated:- 19-10-2016 - T. S. Kapoor (Accountant Member) And N. K. Choudhry (Judicial Member) For the Appellant : Rahul Dhawan For the Respondent : None ORDER T. S. Kapoor (Accountant Member) The Revenue has filed these two appeals against two different orders of ld. CIT(A)-1, Jalandhar, each dated 27.08.2015, relating to assessment year 2008-0 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he ld. CIT(A) has erred both on facts and law in following the judgment of Hon ble Punjab & Haryana High Court in the case of C.S. Atwal & Others vs. CIT, Ludhiana while deleting the addition of ₹ 1,49,25,000/- in the case of the assessee. 3. The ld. CIT(A) has erred both on facts and law in not adjudicating the crucial issue of applicability of section 2(47)(ii) and (vi) of the Act while deleting the addition of ₹ 1,49,25,000/- in the case of the assessee and has failed to a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, the AO received the information from the CCIT, Ludhiana and on the basis of the same, the case was reopened and after considering the reply of the assessee, the AO worked out the capital gain on sale of land at ₹ 1,75,12,213/-. 3. Aggrieved with the order of the AO, the assessee went in appeal before the ld. CIT(A), who allowed the appeal of the assessee observing as follows: 7. I have carefully considered the issue, the assessment order and the decision of Hon ble H.C. (Supra). There is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

though given up. the tax may be payable. Where, however, the income can be said not to have resulted at all, there is obviously neither accrual nor receipt of income, even though an entry to that, effect might, incineration circumstances, have been made in the books of account. This pronouncement was applied by the Supreme Court in Godhra Electricity Co. Limited vs. CIT, (1997) 225 ITR 746 (SC) and followed by the Calcutta High Court in CIT vs. Balarampur Commercial Enterprises limited, (2003) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sessee. It was observed as under: First of all, It is now well settled that income tax cannot be levied on hypothetical income. In Commissioner of Income Tax vs.. SShoorji Valaibhdas and Co., [1962] 46 ITR 144 (SC) it was held as follows: Income-tax is a levy on income. No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the matter is the income. If income ? does not re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 of performance at present due to various orders passed by the Supreme Court and the High Court in PILs. Therefore, the appeals are allowed. Consequently, the substantial questions of law as reproduced in the beginning of the judgment are answered in the manner indicated hereinbefore and the appeals of the assessee are disposed of accordingly. 8 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng heard the Ld. DR in the light of the material available on record, we are of the view that the issue in dispute is squarely covered in favour of the assessee and against the Revenue by the decision of the Hon ble High Court of Punjab & Haryana in the case of Charanjit Singh Atwal vs. CIT , vide order, dated 22.07.2015, passed in ITA No.200 of 2013 (O&N), reported as 279 CTR 330 (P&H), wherein, it has been held that since no possession had been given by the transferor to the transf .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version