2008 (11) TMI 705

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....r attention has been drawn to the order passed by the Commissioner of Income Tax (Appeals). It appears from the facts of the case that the appellant is a nonresident and has inherited property along with other two coowners. An agreement was entered into by the assessee with one M/s. P. S. Inns Pvt Ltd for development of property under joint development agreement dated 14th June, 1995. The Assessin....

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....hich has been specifically stated by the Commissioner of Income Tax (Appeals) that the appellant is a non-resident and owned 31% share in the said immovable property with other two co-owners and further it was agreed in terms of the development agreement that the owners to get 50% of the newly constructed building and balance 50% would go to the developer. After completion of such construction ....

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....me Tax (Appeal) held that the Assessing Officer was wrong in considering the comparable case of value of property. It appears from the order that CIT (Appeal) relied on a decision of the Hon'ble Supreme Court in the case of DLF Universal vs. Appropriate Authority reported in (2000) 110 Taxman 315 (SC) where the Apex Court held that immovable property means any right in or with respect to any bu....

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....ssessing Officer was wrong and was pleased to allow the appeal in favour of the assessee and held as follows: "The fact cannot be denied that Chapter-XXC of the Income Tax Act defines 'transfer' and only in the case of 'transfer' this Chapter (now abolished) comes in operation. As per Sec.269UA(f) of Income Tax Act Exchange is also transfer. In the instant case the assessee along with oth....