TaxTMI 
TaxTMI 
2017 (5) TMI 253
X X X X Extracts X X X X
X X X X Extracts X X X X
....he facts are being extracted from ITA No. 175 of 2016. 2. ITA No. 175 of 2016 has been preferred by the appellantrevenue under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 8.12.2015, Annexure A.7, passed by the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh (in short, "the Tribunal") in ITA No. 27/Chd/2015 for the assessment year 2007-08, claiming following substantial questions of law:- (i) "Whether on the facts and circumstances of the case, the Hon'ble ITAT was right in deleting the penalty when the assessee had not fully disclosed the accrued capital gain even in income tax return filed under Section 148 and the appeal in the issue of quantum addition was pending before the Hon'b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s owning plot of 1000 square were to get two such flats apart from the money as entire consideration. The assessee was the owner of 500 square yards of plot and as per the agreement, the total consideration accruing to the assessee came to Rs. 1,83,75,000/-. The total capital gain on such transaction came to Rs. 1,77,74,258/- out of which the assessee showed an amount of Rs. 11,11,785/- as long term capital gain in his return of income. The balance amount of Rs. 1,66,62,2473/- was added back to the income of the assessee by the Assessing Officer vide his order dated 30.12.2010, Annexure A.1. Aggrieved by the order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 01.08.2011, Annexure A.....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 5. The matter is no longer res integra. In C.S. Atwal's case (supra) in ITA No. 200 0f 2013 decided on July 22, 2015, the issue involved regarding taxability of capital gains in such circumstances in the hand of the assessee stands decided by this Court. In the said case, the following issues emerged for consideration:- (i) Scope and legislative intent of Section 2(47)(ii), (v) and (vi) of the Act; (ii) The essential ingredients for applicability of Section 53A of 1882 Act; (iii) Meaning to be assigned to the term "possession"? (iv) Whether in the facts and circumstances, any taxable capital gains arises from the transaction entered by the assessee? After considering the relevant statutory provisions and the case law, the fo....