TMI Blog2016 (6) TMI 1451X X X X Extracts X X X X X X X X Extracts X X X X ..... e Transfer Act and consequently, section 2(47)(v) of the I.T. Act, did not apply, that further, willingness to perform their part of the contract was absent on the part of the developers, or it could not be performed by them, which was one of the conditions precedent for applying section 53A of the transfer Act; that in clause 26 of the JDA dated 25.02.2007, the principle of force majeure had been provided for, which would be applicable with full vigour in the circumstances; that from the cumulative effect of the covenants contained in the JDA read with the registered special power of attorney dated 26.02.2007, it could not be held that the mandatory requirements of section 53A of the Transfer Act were complied with, which stood incorporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to Rs.11,37,914/- in assessment year 2008-09 in the revised return filed by the assessee. 2. The facts of the case are that the assessee, being an MLA derives income from salary, pension and agriculture. He filed his return of income on 31.11.2007 declaring therein an income of Rs.2,98,890/- plus agricultural income of Rs.96,000/- which was processed u/s 143(1) of the Act. The assessee had also fialed revised return on 30.10.2009 declaring therein an income of Rs.19,43,830/- plus agricultural income of Rs.96,000/-. The reassessment proceedings u/s 147 were initiated against the assessee, as the assessee had not declared entire long term capital gains accrued to him from transfer of his immovable property. In response to notice u/s 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tire land in part performance of JDA dated 25.02.2007 so as to fall within the domain of section 53A of the Transfer Act and consequently, section 2(47)(v) of the I.T. Act, did not apply, that further, willingness to perform their part of the contract was absent on the part of the developers, or it could not be performed by them, which was one of the conditions precedent for applying section 53A of the transfer Act; that in clause 26 of the JDA dated 25.02.2007, the principle of force majeure had been provided for, which would be applicable with full vigour in the circumstances; that from the cumulative effect of the covenants contained in the JDA read with the registered special power of attorney dated 26.02.2007, it could not be held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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