TMI Blog2017 (7) TMI 959X X X X Extracts X X X X X X X X Extracts X X X X ..... med in this appeal are answered in favour of assessee. - ITA No. 250 of 2017 - - - Dated:- 18-7-2017 - MR. AJAY KUMAR MITTAL AND MR. AMIT RAWAL, JJ. For The Appellant : Mr. Denesh Goyal, Advocate ORDER Ajay Kumar Mittal,J. 1. This appeal has been preferred by the appellant-revenue under Section 260A of the Income Tax Act, 1961 which (in short, the Act ) against the order dated 02.12.2016, Annexure-3, passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, the Tribunal ) in ITA No. 603(ASR)/2015, for the assessment year 2007-08, claiming following substantial questions of law:- (i) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT was right in deleting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (HASH) and M/s Tata Housing Development Company Limited, Mumbai (THDC). This society, through irrevocable Special Power of Attorney dated 26.02.2007 had transferred the entire land, measuring 21.2 acres to the purchaser/developer party. As per the agreement, the assessee was to be given two flats measuring 2250 square yards each, valued at ₹ 202,50,000/- and monetary consideration of ₹ 1,65,00,000/-. The total consideration for transfer of his share in the capital asset of the society was to the tune of ₹ 3,67,50,000/- as the Joint development agreement was dated 25.02.2007 and transfer of capital asset under Section 2(47) of the Act had taken place in the assessment year 2007-08, the entire amount of ₹ 3,67,50,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, the instant appeal by the revenue. 3. We have heard learned counsel for the appellant. 4. The matter is no longer res integra. In C.S. Atwal s case (supra) in ITA No. 200 0f 2013 decided on July 22, 2015, the issue involved in this appeal stands decided by this Court. In the said case, the following issues emerged for consideration:- (i) Scope and legislative intent of Section 2(47)(ii), (v) and (vi) of the Act; (ii) The essential ingredients for applicability of Section 53A of 1882 Act; (iii) Meaning to be assigned to the term possession ? (iv) Whether in the facts and circumstances, any taxable capital gains arises from the transaction entered by the assessee? After considering the relevant statutory provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw. 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 Act would not survive any longer and has been rendered academic. ( 7) The Tribunal and the authorities below were not right in holding the assessee-appellant to be liable to 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. Therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
