TMI Blog2016 (12) TMI 1599X X X X Extracts X X X X X X X X Extracts X X X X ..... received the two flats as promised in the agreement. The ld. CIT(A) has also held that the belief of the assessee that the capital gains on which he had to pay tax has to be computed only on the basis of the amount which he had actually received, cannot be considered to be totally unreasonable. It is undisputed fact that in the present case the assessee had declared capital gains on proportionate basis and therefore, cannot be said to have furnished wrong particulars of income or concealment of income. Appeal filed by the Revenue is dismissed. - I.T.A. No.603(Asr)/2015 - - - Dated:- 2-12-2016 - SH.T.S. KAPOOR, ACCOUNTANT MEMBER AND SH.SANJAY GARG, JUDICIAL MEMBER Appellant by: Sh. Vedpal Singh, DR Respondent by: Sh. Vipul Aro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. The assessee in response filed certain case laws but the Assessing Officer held that the case laws were distinguishable. The Assessing Officer held that since a part of sale consideration was received by assessee on 24.02.2007 and the agreement of the land development had already been signed on 25.02.2007, therefore, the receipt of this sale consideration was Part Performance of the contract, and held the same to be transfer as per provisions of Sec.2(47)(v) of the Act. In view of the above, the Assessing Officer imposed a penalty to the tune of ₹ 75,55,249/- being minimum penalty @100% of the tax sought to be evaded u/s.271(1)(c) of the Act. 4. Aggrieved the assessee filed appeal before ld. CIT(A), and submitted that ld. Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the original return filed by assessee, the assessee had at his own declared capital gain on proportionate amount of ₹ 24,00,000. The assessee had declared capital gain of ₹ 22,83,893. This fact is verifiable from the assessment order itself wherein the Assessing Officer has noted this fact. The Assessing Officer had imposed penalty treating the whole amount of sale consideration to be received by assessee as accruing during the year. The Hon ble Punjab Harayana High Court in the case of C.S. Atwal Vs. CIT, Ludhiana, ITA No.200 of 2013(O M) dated 22.07.2015 had deleted the similar addition confirmed by the Hon ble ITAT and has held that capital gain under these circumstances can be worked out only on the basis of sale cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th law. 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 eligibility 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 o 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 ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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