2015 (8) TMI 1099

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....ction 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 11.9.2013, Annexure A.3 passed by the Income Tax Appellate Tribunal, Amritsar Bench Amritsar (in short, "the Tribunal) in ITA No.406(ASR)/2013 for the assessment year 2008-09. 3. Briefly, the facts as narrated in ITA No.161 of 2014 necessary for the decision of the controversy involved may be noticed. The appellant, an individual is a member of M/s Defence Services Cooperative House Building Society Limited (in short, "the Society'), Mohali consisting of various members. The society is owner of 27.3 acres of land in Village Kansal in District Mohali. The members of the society had been allotted plots measuring 500 and 1000 square yards. The appellant....

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....t size of 500 square yards. Original return of income was filed by the appellant on 26.9.2008 for the assessment year 2008-09 declaring income of Rs. 2,72,496/- which was processed under section 143(1) of the Act. The sources of income were shown as salary and business income. On 7.1.2010, revised computation of income was filed by the appellant during the assessment proceedings declaring income of Rs. 22,50,730/- which included capital gains on the consideration of advances and part payment under the JDA. On 17.2.2010, notice under Section 148 of the Act was issued to the appellant. The appellant filed written reply to the notice on 26.3.2010 stating therein that revised return already filed on 1.1.2010 be treated in response to the notice....

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....rd installment. On non receipt of the payment on 13.6.2011, the society passed a resolution to terminate the attorney issued in favour of the developers. On 31.10.2011, the society cancelled the power of attorney issued in favour of the developers. Vide order dated 26.3.2012, this court in CWP No.20425 of 2010 directed the developers to obtain additional permission under the Punjab New Capital (Periphery) Control Act, 1952. Vide order dated 14.5.2012, this Court in CWP No.18253 of 2009 ordered stay of construction in the entire catchment area of Sukhna Lake as per survey of India record which also covered the project under consideration. The court also ordered for demolition of any structure after 11.3.2011. Status quo was granted by the Ap....

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....utory provisions and the case law, the conclusions arrived at by this Court in the said appeals vide judgment dated 22.7.2015 read thus:- 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 possession had been given by the transferor to the transferee of the entire land in part performance of JDA dated 25.2.2007 so as to fall within the domain of Section 53A of 1882 Act. 3. The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee. 4. Further Section 53A of 1882 Act, by ....