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TMI Blog2017 (9) TMI 1861X X X X Extracts X X X X X X X X Extracts X X X X ..... nly and therefore ground no. 1 to 4 and 8 to 9 are dismissed as withdrawn. Ground no. 5 to 7 of the appeal are reproduced below: "5. The Ld. Assessing Officer has erred on facts and in law to rope in receipt of adjustable advance/earnest money and benefits in expectancy with in the ambit of transfer as contemplated u/s 53A of Transfer of Property Act. 6. That Ld. Assessing Officer has misapplied the facts and law in treating future and uncertain and unquantifiable benefits as so called consideration for alleged transfer and accordingly he has valued non existent property benefits for levy of capital gains. 7. That the income assessed at Rs. 1,83,75000 as capital gain stands to be deleted because Ld. Assessing Officer has failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f plot in the land owned by the society. A Tripartite agreement dated 25.02.2007 was entered into between Punjab Co-Op Housing Development Company House Building Society Ltd. M/s HASH Builders (P) Ltd. Chandigarh and M/s Tata Housing Development Company for transfer of land of the society according to which each member of the society having plot of 500 sq. yards shall receive Rs. 82,50,000/- as monetary consideration and one furnished flat measuring 2250 sq. ft. to be constructed by M/s Tata Housing Company Ltd. Mumbai, and the cost of which @ Rs. 4500/- per sq. ft. was Rs. 1,01,25,000/- and therefore, as per the above said tripartite agreement, the assessee was to receive total consideration of Rs. 1,83,75,000/-. The assessee received a pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled. In the absence of registration of JDA dated 25.02.2007 having been executed after 24.09.2001, the agreement does not fall under Section 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. 5. It was submitted by learned counsel for the assessee- appellant that whatever amount was received from the developer, capital gains tax has already been paid on that and sale deeds have also been executed. In view of cancellation of JDA dated 25.02.2007, no further amount has been received and no action thereon has been taken. It was urged that as and when any amount is received, capital gains tax shall be discha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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