TaxTMI 
TaxTMI 
2017 (1) TMI 995
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....h builder as set out at page 115 to 118 of appeal, disputes 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 ch....
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....f 'C' wing of the project known as Abrol Vastu Park, the building did not receive 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 fa....
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.... appellant would have had the opportunity to explain how the appellant had complied 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....
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....assessee does not press for specific performance of the agreements by having given up the 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 quo....
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.... acquire three flats by which appellant-assessee was seeking to ensure compliance with the requirements 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 actu....