AI Drafter 
TaxTMI 
TaxTMI 
2015 (8) TMI 929
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....ITA No.270 of 2013 has been filed by the assessee-appellant under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 29.7.2013, Annexure A.3 passed by the Income Tax Appellate Tribunal, Chandigarh 'B' Bench Chandigarh (in short, "the Tribunal) in ITA No.556/Chd/2012 for the assessment year 2007-08. 3. Briefly, the facts as narrated in ITA No.270 of 2013 necessary for adjudication of the controversy involved may be noticed. The appellantassessee is a society formed on 23.4.1998. It purchased land measuring 21.2 acres in Village Kansal for an amount of Rs. 6,16,07,029/-. The purchase price was contributed by the members of the society. The society allotted plots measuring 500 square yards to 65 m....
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....00 square yards to be made within two months of execution of the JDA against execution of another registered sale deed by the society in favour of THDC for land of equivalent value being 4.62 acres. d) Payment of Rs. 24.75 lacs per plot holder of 500 square yards and Rs. 49.50 lacs per plot holder of 1000 square yards to be made within six months from the date of execution of the JDA or within two months from the date of the approval of the plans/design and drawings and grant of final licence to develop whereupon construction can commence, whichever was later, against execution of another registered sale deed by the society in favour of THDC for land of equivalent value being 6.36 acres. e) Balance payment of Rs. 24.75 lacs per plot h....
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....d thereto have actually been registered in the name of THDC. Subsequently, substantial disputes arose between the society on the one hand and the developers on the other with regard to further payments to be made in terms of the JDA i.e. from clause (d) onwards. The appellant, who had been allotted 1000 square yards of plot in the society was, as per the JDA, entitled to receive monetary consideration of Rs. 3,30,00,000/- and four furnished flats of 2250 square feet each. The appellant actually received proportionate amount of Rs. 66 lacs. 5. For the previous year relevant to the assessment year 2007-08, the appellant filed original return of income at nil after claiming deduction under Section 80P of the Act. In the original return, the....
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....ar relevant to assessment year 2007-08, the Assessing Officer computed chargeable capital gains in that year. It was also held that there was 'transfer' within the meaning of sub sections (ii) and (vi) of Section 2 (47) of the Act. The appellant challenged the order passed by the assessing Officer before the Commissioner of Income Tax (Appeals) [CIT (A)]. Vide order dated 12.12.2011, Annexure A.2, the CIT(A) upheld the order passed by the Assessing Officer in framing substantive assessment on a consideration of Rs. 7,35,00,.000/- which was the amount receivable for the four plots owned by the appellant under the JDA. The revenue and the appellant filed appeals before the Tribunal. The appellant on the basis of the terms of the JDA a....
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....nd another), the following issues emerged for consideration:- i) scope and legislative intent of Section 2(47)(ii), (v) and (vi) of the Act; ii) the essential ingredients for applicability of Section 53A of 1882 Act; iii) meaning to be assigned to the term "possession"? iv) whether in the facts and circumstances, any taxable capital gains arises from the transaction entered by the assessee? After considering the relevant statutory provisions and the case law, the following conclusions were drawn:- 1. Perusal of the JDA dated 25.2.2007 read with sale deeds dated 2.3.007 and 25.4.2007 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 possessi....