2016 (2) TMI 275

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.... Mr. Zora Singh Klar, Advocate Ajay Kumar Mittal, J. 1. This appeal has been preferred by the appellant-assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 15.7.2015, Annexure A.5 passed by the Income Tax Appellate Tribunal, Chandigarh (in short, "the Tribunal") under section 254(1) of the Act in ITA No.608/Chd/2014 for the assessment year 2007-0....

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....on arising from the amount to be received?" 2. It is not disputed by learned counsel for the parties that the issues involved herein have already been decided by this Court in ITA No.200 of 2013 (C.S.Atwal vs. The Commissioner of Income Tax, Ludhiana and another) vide order dated 22.7.2015, wherein after examining the relevant statutory provisions and the case law on the point, following conclus....

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....25.2.2007 having been executed after 24.9.2001, the agreement does not fall under Section 53A of 1882 Act and consequently Section 2 (47)(v) of the Act does not apply. 5) It was submitted by learned counsel for the assesseeappellant that whatever amount was received from the developer, capital gains tax has already been paid on that and sale deeds have also been executed. In view of cancellation....