TaxTMI 
TaxTMI 
2017 (5) TMI 847
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....led the instant appeal under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 19.10.2016, Annexure A.3, passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, "the Tribunal") in ITA No. 572(ASR)/2015, claiming following substantial questions of law:- (i) "Whether on the facts and circumstances of the case, the Hon'ble ITAT was justified in deleting the addition made by AO relying upon the decision of Hon'ble High Court in the case of C.S. Atwal Vs. CIT in ITA No. 200 of 2013, when SLP has been filed by the department in the case? (ii) Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT erred in relying upon the order of Hon'ble High Court and w....
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....5.02.2007 having been executed after 24.09.2001, the agreement does not fall under Section 53A of the Transfer of Property Act, 1882 and consequently, section 2(47)(v) of the Income Tax Act, 1961 does not apply to the present case, failing to appreciate the fact that this requirement of registration cannot be read into clause (v) of Section 2(47) of the Income Tax Act, 1961 because the said provision refers only to the contract of the nature of section 53A of the T.P. Act without going into the controversy whether or not such agreement is required to be registered? (v) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT erred in relying upon the order of Hon'ble High Court and was justified in holding t....
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....rship of the members of the society which would lead to its enjoyment of the property and in that sense, clause (vi) of Section 2(47) would apply to the present case?" 3. A few facts relevant for the decision of the controversy involved as narrated in ITA No.191 of 2017 may be noticed. The respondent-assessee, an individual, filed his return of income for the assessment year 2008-09 on 31.03.2009 declaring total income of Rs. 5,37,247/-. It was processed under Section 143(1) of the Act. The assessee also filed a revised return on 29.12.2009 declaring total income of Rs. 31,24,460/-. Proceedings under Section 147/148 of the Act were initiated by issuing notice under Section 148 of the Act on 01.01.2013 as the assessee had not declared ent....
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....e monetary consideration of Rs. 80,00,000/- and one furnished flat of 2250 square feet. The assessee actually received proportionate amount of Rs. 32,00,000/- received during the year under consideration. The Assessing Officer vide his order dated 28.03.2014, Annexure A.1, passed under Section 143(3) of the Act held that since as per the JDA, there was grant and assignment of various rights in the property by the assessee in favour of THDC along with handing over physical and vacant position, the same tantamount to transfer. The Assessing Officer applied the provisions of Section 2(47)(v) of the Act read with Section 53A of the Transfer of Property Act, 1882 (in short, "the 1882 Act") which provides that any transaction involving allowing t....
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....wal case's (supra). Hence, the instant appeals by the appellant-revenue. 4. We have heard learned counsel for the appellant-revenue. 5. The matter is no longer res integra. In C.S. Atwal's case (supra) the issue involved in this appeal 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 ....