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Issues: Whether Chapter XXC of the Income-tax Act, 1961 applied to the transaction in question where the original allotment was made before the chapter came into force but a subsequent tripartite agreement and fresh allotment letter were issued after its commencement.
Analysis: The original allotment and the underlying arrangement created continuing rights in favour of the flat purchaser, and the later tripartite arrangement merely substituted one builder for another without extinguishing the earlier contract. The later allotment letter was treated as a continuation of the earlier arrangement and not as a novation giving rise to a fresh transaction for the purposes of Chapter XXC. The earlier Division Bench view on identical facts was followed, holding that the seller and buyer did not change and that the later documents only altered certain terms such as rate and area. On that reasoning, the compulsory purchase power under Chapter XXC could not be invoked, and the case fell within Chapter XXA instead.
Conclusion: Chapter XXC was held inapplicable to the transaction, and the impugned order under Section 269UD(1) was quashed in favour of the assessee.
Ratio Decidendi: A later agreement or fresh allotment letter does not attract Chapter XXC where it merely continues an earlier pre-existing allotment and does not amount to novation of the contract.
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