TaxTMI 
TaxTMI 
2016 (2) TMI 962
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.... referred as 'the Tribunal'). 2. Briefly relevant facts of the case are being taken. The appellant is a real estate project developer who is engaged in the construction and sale of residential flats, buildings and infrastructure facilities all across the country. As per averments made in the appeal, the appellant company is developing land at Patiala and VIP Road at Zirakpur, Tehsil Derabassi, District Mohali. The appeal was admitted for determination of substantial questions of law which are as under:- (i)Whether on the facts and circumstances of the case, the Ld. Tribunal was justified in holding that the appellant is engaged in the works contract and is thus liable to be registered under the provisions of the Punjab VAT Act, 20....
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....nt entered into with the purchaser. The relevant clauses are clause (q), (r) of the recitals and clauses 1, 5(c) and 7, which read as follows: "(q) (i) Construction of the said multi-storeyed building; (ii) Sale of the units in the aforesaid multi-storeyed building to different persons in whose favour ultimately a Deed of Conveyance would be obtained by the Holders, directly from the Vendors, of an undivided fractional interest in the said land (i.e. the area of 5910.17 sq. metres described in the First Schedule hereunder written) and such owner of units would own, on ownership basis, the respective units on condition that an Agreement would be entered into between the Holders on the one hand and the persons (desiring to acquire on owne....
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....to claim any separate sub-division and/or right to exclusive possession of any portion of the said land) for a lump sum agreed and quantified consideration of Rs. 3,25,000/- (Rupees three lacs twenty five thousand only) to be paid by the Prospective Purchaser to the Holders at the time and in the manner stated in Clause 2 hereof; b) K. Raheja Development Corporation, (as Developers) agree to build the said building named `Raheja Towers', having the specifications and amenities therein set out in the Second Schedule hereunder written and as Developers for the prospective Purchaser, the Developers shall build for and as unit/s to belong to the Prospective Purchaser, the said premises (details whereof are set out in the Third Schedule her....
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....ayable to the Holders under Clause 2 above and the full consideration money payable to the Developers under Clause 3 above. XX XX XX 7. If the Prospective Purchaser commits default in payment of any of the instalments of consideration aforesaid on their respective due dates (time being the essence of the contract) and/or in observing and performing any of the terms and conditions of this Agreement, the Holders/Developers shall be at liberty, after giving 15 days notice specifying the breach and if the same remains not rectified within that time, to terminate this Agreement, in which event, a sum equivalent to 10% of the amounts that may till then have been paid by the Prospective Purchaser to the Holders and the Developers respectively s....