2013 (12) TMI 1569

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....enges the order passed by the learned Income tax Appellate Tribunal, Panaji dated 16th January, 2013, thereby disposing the appeals filed by the appellant/Revenue challenging the order passed by the Commissioner of Income Tax (Appeals) dated 30th July, 2012 for the assessment year 2003-04. 2. Heard Mrs. A. Dessai, the learned Counsel for the appellant and Shri A.N.S. Nadkarni, learned Senior Coun....

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..... It is further the case of the appellant that a similar development agreement was made with said M/s. Landscape Developers for sale and development of land admeasuring 16,140 sq. metres at Panaji. 5. Mrs. A. Dessai, the learned Standing Counsel submits that since the possession was handed over by the assessee to the said M/s. Landscape Developers during the said assessment year, it was a transfe....

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....y was also in the name of the assessee and the occupancy certificate was also given to the assessee. It was therefore found that the execution of the agreement could not amount to transfer as contemplated under Section 53A of the Transfer of Property Act. It was further found that the agreement dated 5th October, 2002 was specifically modified by sub-clause 2 of the agreement dated 19th July, 2004....