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The Pr. Commissioner of Income Tax-I, Amritsar Versus Sh. Sewa Singh Sekhwan S/o Sh. Ujagar Singh

2017 (9) TMI 822 - PUNJAB AND HARYANA HIGH COURT

Penalty u.s 271(1)(c) - exigibility to capital gain - Transfer - exigible to tax by reference to Section 2(47)(v) read with Section 53-A of the Transfer of Property Act, 1882 - JDA entered by assessee - Held that:- The facts of the case of assessee are admittedly identical as have been decided in the case of Shri C.S. Atwal Vs CIT, Ludhiana [2015 (7) TMI 878 - PUNJAB & HARYANA HIGH COURT] issue of exigibility to capital gain in favour of the assessee and against the revenue wherein held as no po .....

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n the absence of registration of JDA the agreement does not fall under Section 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. - In view of cancellation of JDA no further amount has been received and no action thereon has been taken. - The issue of exigibility to capital gains tax having been decided in favour of the assessee, the question of penalty under Section 271(1) (c) of the Act would not be exigible - Decided in favour of assessee. - ITA No. 298 of 20 .....

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nt 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 the penalty when the assessee had not fully disclosed the accrued capital gain and addition on this account had been upheld by ITAT and the Hon ble High Court and the appeal was pending before the Hon ble Supreme Court? (ii) Whether on the facts of the case and in law, the Hon ble ITAT was right in deleting the penalty .....

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on ble High Court has held that the sale consideration to the extent of amount received are exigible to tax in the instant year and the assessee is bound to pay tax on receipt of further amounts? 2. Briefly, the facts as narrated in the appeal, necessary for adjudication of the controversy involved may be noticed. Return declaring income of ₹ 95,100/- was filed by the assessee on 31.03.2008. The assessee being Member of Punjabi Co-operative House Building Society owned one plot of land mea .....

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valued at ₹ 1,01,25,000/- and monetary consideration of ₹ 82,50,000/-. The total consideration for transfer of his share in the capital asset of the society was to the tune of ₹ 1,83,75,000/-. 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 ₹ 1,83,75,000/- accruing on account of transfer of asset was chargeable to long term capital ga .....

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accrued to the assessee during the assessment year 2007-08 and chargeable to long term capital gain as provided under Section 45 of the Act read with Section 48 of the Act. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], but the same was dismissed. The assessee challenged the order passed by the CIT(A) as well as Assessing Officer before the Tribunal. This appeal was also dismissed. Vide order dated 27.03.2014, the Assessing Officer im .....

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4. The matter is no longer res integra regarding taxability of capital gains arising from the transaction entered by the assessee in the present facts and circumstances. 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 appli .....

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ad agreed for pro-rata transfer of land. (2) No possession had been given by the transferor to the transferee of the entire land in part performance of JDA dated 25.02.2007 so as to fall within the domain of Section 53A of 1882 Act. (3) The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee. (4) Further Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredie .....

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