TaxTMI 
TaxTMI 
2017 (1) TMI 995
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....tes arose and ultimately matter was amicably settled and compromised through arbitration award. HERE TO ANNEXED AND MARKED AS EXHIBIT 'L' IS COPY OF AWARD DATED 09.05.2014. (xvi) Thereafter award is implemented by executing sale deeds of flats allotted." APPELLANT CRAVES LEAVE TO REFER AND RELY UPON SALE DEEDS DATED 27.12.2014 WHEN PRODUCED." In effect what the appellant also seeks is the inclusion in the appeal paper book of a copy of an Arbitral award dated 9th May, 2014.The Chamber Summons is opposed by Mrs. Bharucha on behalf of the Revenue. 2. It is the case of the appellant that before the Income Tax Appellate Tribunal the appellant had challenged the correctness of the order dated 7th January, 2011 passed by the C....
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....ve the necessary sanction and hence the flats were not constructed. The contention of the assessee that he had invested a sum of Rs. 1.33 crores before the due date for filing the return, was rejected since subclause (4) of Section 54 entailed that the amount of net consideration received (in this case pursuant to surrender of tenancy) would be required to be deposited in a designated account before filing such a return. In conclusion the Tribunal observed that the construction was still under progress even on the date of the hearing before the Tribunal i.e. on 8th October, 2012. The Tribunal denied the benefit of exemption on the basis of the aforesaid set of facts. 4. On or about 9th July, 2012 the appellant-assessee made an application ....
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.... with Section 54. 6. In the present Chamber Summons the appellant seeks to introduce further evidence by way of an Arbitral award which is in the nature of a consent award. Copy of the said award is annexed to the affidavit in support of the Chamber Summons as Exhibit-D. Mr. Shah submitted that the award effectively provides that in lieu of flat no.901 to 903 in wing 'C' (to which the appellant held an allotment letters) the appellant-assessee became entitled to receive flat no.2005 and 2006 admeasuring about 71 sq. mts each in Wing 'A' on the 20th floor of the building known as Abrol Vastu Park. The agreements for sale dated 20th November, 2008 in respect of flat no.901 to 903 in wing 'C' stood cancelled, terminated and revoked. Mr. Shah ....
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....he claim for specific performance under the agreement. 8. In the course of his submissions, Mr. Shah had relied upon the decision of the Supreme Court in the matter of M. M. Quasim v/s. Manohar Lal Sharma AIR 1981 SC 1113 and relied upon the observations in paragraph 15 in support of the submission that the additional evidence can be lad under provisions of Order 41 Rule 27 of the Code of Civil Procedure, 1908 by inviting the Court's attention to a subsequent event of vital importance cutting at the root of the appellant's right to continue his appeal. He relied upon the passage in Patterson v/s. State of Alabama (1934) 295 US 600 which was quoted with approval in Lachmeshwar Prasad Shukla v/s. Keshwar Lal Chaudhri 1940 FCR 84(85) ....
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....quirements of the law, in particular the provisions of Section 54F. 11. Mr. Shah then relied upon the decision of Assam Hindu Mission Upper Nawprem v/s. Smt. Elaboris Tron AIR 1999 Gauhati 39 in support of his submission that when additional evidence is admitted the other side should be given an opportunity to review it. In this behalf he relied upon the observations of the Court in paragraph 10. However, we find that this decision is not relevant for the consideration of the present Chamber Summons since it deals with procedure before the Tribunal which had relied upon the document forming part of the additional evidences paper book without actually permitting the reliance sought to be placed on the said paper book but without rejecting t....