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2018 (3) TMI 430

tion u/s 54F - Held that:- CIT(A) directed the Assessing Officer to re-compute the long term capital Gains on the amount actually received by the appellant in pursuance of the said agreement as relying on case of C.S. Atwal & Others [2015 (7) TMI 878 - PUNJAB & HARYANA HIGH COURT]. Thus we uphold the order of the Ld. CIT(A). - Regarding the deduction under section 54F which has not been allowed by the Ld. CIT(A) we hereby direct the Assessing Officer to allow the due benefits to the assessee as provided under the Income Tax Act. Since the issue has been decided in the favour of the assessee, any decision on the grounds of reopening becomes academic in nature and hence needs no adjudication. - ITA No. 560-577/Chd/2017 - Dated:- 8-3-2018 .....

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favour of THDC along with handing over of physical and vacant possession. 3. On the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in holding that that no possession had been given by the transferor to the transferee of the entire land in part performance of the JDA so as to fall within the domain of Section 53A of the Transfer of Property Act 1882 whereas by virtue of the duly registered irrevocable special power of attorney, the developer was in complete control of the property and was in possession thereof including all rights of a defacto owner. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in holding that the essential ingredients of Section 53A of the Transfer .....

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applicability of section 2(47)(ii) and 2(47)(vi) of the Income Tax Act 1961 in the case of the assessee as the provisions of section 2(47)(ii) and 2(47)(vi) also make the assessee liable for capital gains under the Income Tax Act 1961. 8. On the facts and in the circumstances of the case and law, the Ld. CIT(A) has erred in holding that the provisions of section 2(47)(vi) of the Income Tax Act were not applicable in absence of registered conveyance deed disregarding the decision of the Supreme Court in Podar Cement ltd. holding that the principle of Common law, transfer of property Act and Registration Act were not conclusive for interpretation of provisions of Income Tax Act 9. On the facts and in the circumstances of the case and in law, .....

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h was the owner of 27.3 acres of land in Village Kansal, District Mohali. This Society entered into a tripartite development agreement (hereinafter referred to as 'agreement') on 27.04.2007 with life Hash Builders Pvt. Ltd., Chandigarh (hereinafter referred to as 'Hash') and M/s Tata Housing Development Company Ltd., Mumbai (hereinafter referred to as THDC), by virtue of which the society would transfer its land for development in lieu of monetary consideration and also consideration in kind to the members of the society. The assessee was also a member of the said society owning 500 sq. yards plot of land. This arrangement made by way of joint development agreement constituted transfer of capita! asset. The total considerati .....

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Ld. CIT(A) 5.1 Before the Ld.CIT(A) the assessee has drawn attention to the decision of Hon'ble Punjab and Haryana High Court in the case of Sh. C.S Atwal and others decided in the case of other members of another society namely Punjabi Co- operative Housing Building Society on similar and identical facts. The Hon'ble Court has summarized the conclusion at para 46 of the said order as under:- "46. We summarize our conclusions as under.- 1. Perusal of the JDA dated 25.02.2007 read with sale deeds dated 02.03.2007 and 25.04.2C07 in respect of 3.08 acres and 4.62 acres respectively would reveal that the parties has agreed for pro-rata transfer of land. 2. No possession had been given by the transferor to the transferee of the enti .....

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lding the assesse-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. Therefore, the appeals are allowed. 8 Consequently, the substantial questions of law as reproduced in the beginning of the judgment are answered in the manner indicated herein before and the appeals of the assesse are disposed of accordingly." By following the judgment of the Hon'ble Punjab & Haryana High Court, the Ld.CIT(A) directed the Assessing Officer to re-compute the long term capital Gains on the amount actually received by .....

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