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Income Tax Officer, Dasuya Versus Sukhdev Singh Randhawa, Dr. Amrik Singh Basra

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 of C.S. Atwal Versus The Commissioner of I .....

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ot 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 mandatory requirements of section 53A of the Trans .....

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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 2008-09. As the issue involved in both the appeal .....

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aw 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 appreciate that these two provisions are de .....

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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 no dispute that facts and circumstances of .....

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here, 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) 262 ITR 439 (Cal.). Relying upon decision i .....

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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 result at all, there cannot be a with law. In .....

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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. Since the facts and circumstances are sim .....

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erial 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 transferee of the entire land in part performance .....

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