TMI Blog2017 (9) TMI 1861X X X X Extracts X X X X X X X X Extracts X X X X ..... ar and the rest of the capital gain will be taxable in the year in which rest of the consideration is received. Therefore the Assessing Officer is directed compute capital gains tax on the basis of actual receipts during the year. - I.T.A No. 133/(Asr)/2015 - - - Dated:- 11-9-2017 - Sh. T. S. Kapoor, Accountant Member And Sh. N.K. Choudhry, Judicial Member Appellant by: Sh. Vinamar Gupta (C. A.) Respondent by: Sh. Rahul Dhawan (D. R.) ORDER T. S. Kapoor (AM): This is an appeal filed by assessee against the order of Ld. CIT(A), Amritsar dated 07.11.2012 for Asst. Year: 2007-08. 2. The assessee has taken nine grounds of appeal but at the time of hearing the Ld. AR su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee was on record and it was prayed that in the interest of justice the delay in filing the appeal may be condoned. The Ld. DR had no objection to the condonation of delay and therefore the delay was condoned and Ld. AR was directed to proceed with his arguments. 4. The Ld. AR at the outset submitted that the case of the assessee was covered in favour of assessee by the order of Punjab Haryana High Court in the case of C. S. Atwal and others Vs. CIT. 5. The Ld. DR fairly agreed that the matter was covered in favour of assessee. 6. We have heard the rival parties and have gone through the material placed on record. The brief facts of the case are that the assessee was a member of the Punjab Co-Oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal before the Hon ble Tribunal. We find that the case of the assessee is squarely covered by the order of the Punjab Haryana High Court in the case of C. S. Atwal and Sons Others. The findings of the Hon'ble Court are reproduced as herein below. 1. Perusal of the JDA dated 25.02.2007 read with sale deeds dated 02.03.2007 and 25.04.2007 in respect of 3.08 acres and 4.62 acres respectively would reveal that the parties had 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asuring 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 appeals are allowed. In view of the above findings of Hon'ble Punjab Haryana High Court, we find that the order of Ld. CIT(A) is not sustainable as the Hon'ble. Court has decided that under these circumstances the capital gain has to be restricted to the proportionate amount of sale consideration received during the year and the rest of the capital gain will be taxable in the year in which rest of the consideration is received. Therefore the Assessing Officer is directed compute capital gains tax on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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