2015 (11) TMI 1003

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....he appeal is condoned. CM stands disposed of. ITA No.311 of 2015 2. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 12.9.2013, Annexure A.1 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, "the Tribunal") in ITA No.467 (Asr)/2013 for the assessment year 2007-08, claiming following substantial questions of law:- "i) Whether on the facts and in the circumstances of the case, the Tribunal erred in upholding the order of the Assessing Officer in bringing to tax the entire consideration receivable under the JDA dated 25.2.2007 as liable to tax under the head "Capital gains"? ii) Whether the Tribunal erred on fac....

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....sfer" under section 2(47)(v) of the Act read with section 53A of the TPA even though "unconditional willingness" on the part of the developers was absent? ix) Whether the Tribunal erred on facts and in law in holding that in view of applicability of clause 26 dealing with "Force Majeure", it could not be said that "unconditional willingness" on the part of the developers was absent? x) Whether the Tribunal exceeded its jurisdiction by sitting in judgment on issues concerning civil dispute between parties to the JDA and in inter alia holding that (a) there was no default on the part of the developers in complying with the terms of the JDA; (b) there was no default on the part of the developers in making payment; (c) the developers were....

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....peal and not section 54F of the Act? xviii) Without prejudice whether the Tribunal erred on facts and in law in holding that exemption under section 54F of the Act was not available on the value of the flat receivable under the JDA? xix) Whether on the facts and in the circumstances of the case the findings arrived at by the Tribunal are perverse, inasmuch as no reasonable person correctly informed of the provisions of law would come to such a conclusion? xx) Whether demand of respondents to demand alleged income tax liability even though as per the ruling of this Hon'ble Court rendered in ITA No.200 of 2013, no tax is liable to be paid? xxi) Whether the demand is justified once question of law that there is no capital gains....