TaxTMI 
TaxTMI 
2016 (10) TMI 1041
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....al Gains. 2. The ld. CIT(A) has erred both on facts and law in following the judgment of Hon'ble Punjab & Haryana High Court in the case of C.S. Atwal & Others vs. CIT, Ludhiana while deleting the addition of Rs. 1,55,37,787/- in the case of the assessee. 3. The ld. CIT(A) has erred both on facts and law in not adjudicating the crucial issue of applicability of section 2(47)(ii) and (vi) of the Act while deleting the addition of Rs. 1,55,37,787/- in the case of the assessee and has failed to appreciate that these two provisions are de hors the provisions under section 2(47)(v) read with section 53A of the Transfer of Property Act and section 17(IA) of the Registration Act. 4. It is prayed that the order of the ld. CIT(A) be set aside ....
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....le. Where, however, the income can be said not to have resulted at all, there is obviously neither accrual nor receipt of income, even though an entry to that, effect might, incineration circumstances, have been made in the books of account." This pronouncement was applied by the Supreme Court in Godhra Electricity Co. Limited vs. CIT, (1997) 225 ITR 746 (SC) and followed by the Calcutta High Court in CIT vs. Balarampur Commercial Enterprises limited, (2003) 262 ITR 439 (Cal.). Relying upon decision in Messrs Shoorji Vallcibhdas & Co. s case (supra), the Supreme Court in CIT vs. Excel Industries Limited (2013) 338 ITR 295 (SC) held that income tax cannot be levied on hypothetical income. Income accrues when it becomes due but it must al....
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....als are allowed. Consequently, the substantial questions of law as reproduced in the beginning of the judgment are answered in the manner indicated hereinbefore and the appeals of the assessee are disposed of accordingly." 8. Since the facts and circumstances are similar and the legal issue is common, respectfully following the decision of the H.C. of Punjab and Haryana (Supra). The A.O. is directed to restrict the computation of capital gain to the amounts received by the assessee only subject to law. Balance addition of Rs. 1,49,25,000/- stands deleted." 5. Now, the Department is in appeal before us. 6. The ld. DR relied on the order of the Assessing Officer. 7. Having heard the Ld. DR in the light of the material available on reco....