TaxTMI 
TaxTMI 
TaxTMI 
2016 (12) TMI 1668
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.... order holding that date of transfer of the assessee's right in the property, situated at Kurla, is to be taken 09/03/2016 i.e. the date of signing of "development agreement" and not 09/07/2007, on which date the given agreement was registered. Further, not considering the fact that as per the Transfer of Property Act says that immovable property cannot be transferred otherwise, then by a registered document. Granting of deduction u/s 54 has also been challenged as conditions enshrined in section 54 of the Income Tax Act, 1961 (hereinafter the Act) were not fulfilled. 2. During hearing of this appeal, the ld. DR, Shri Rajat Mittal, advanced arguments, which is identical to the ground raised. On the other hand, Shri Asho Rao, ld. counsel fo....
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....ne Developers (hereinafter developer) and M/s Bhandary Metallurgical Corporation Ltd. (owner) and Mr. Birmu T. Bhandary (first confirming party), Dr. Prabhakar T. Bhandary (Second confirming party), Bhandary Conductors Pvt. Ltd.(Third confirming party) and Mr. Divakar T. Bhandary (Fourth confirming party) that the assessee has right to purchase the reversionary rights to the portion of the property, which was occupied by the Bhandary Conductors Pvt. Ltd. and as per memorandum agreement dated 28/11/2005. The assessee received consideration towards the relinquishment of reversionary rights in Assessment Year 2006-07 and got capital gain, which was computed in the previous year relevant to Assessment Year 2006-07. The development agreement dat....
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.... does not include- (i) any stock-in-trade [other than the securities referred to in sub-clause (b)]], consumable stores or raw materials held for the purposes of his business or profession ; (ii) personal effects, that is to say, movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependent on him, but excludes- (a) jewellery; (b) archaeological collections; (c) drawings; (d) paintings; (e) sculptures; or (f) any work of art. 6[Explanation 1].-For the purposes of this sub-clause, "jewellery" includes- (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whethe....
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....e than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh. Explanation.-For the purposes of this sub-clause, "population" means the population according to the last preceding census of which the relevant figures have been published before the first day of the previous year; (iv) 6½ per cent Gold Bonds, 1977, or 7 per cent Gold Bonds, 1980, or National Defence Gold Bonds, 1980, issued by the Central Government; (v) Special Bearer Bonds, 1991, issued by the Central Government ; (vi) Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 8[or deposit certificates issued under the Gold Monetisation Scheme, 2015] not....
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....onsideration was paid in year ended 31.03.1996. The commencement certificate for building construction was issued on 15.11.1996. The irrevocable authority to the builder was issued on 12.03.1999. In this case assessee claimed that transfer took place only in March 1999. It was further claimed that till that date, the assessee did not part with possession of the property, However, the court held that the date of transfer as date of entering into the development agreement on following grounds:- a. As per section 2(47)(v) the requirement of allowing possession to the taken or retained in that section does not necessarily mean physical possession of the property, but any arrangements by which the transfer confers privileges of ownership w....
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....unt were duly mentioned in the receipt column of the last page of the agreement and Dr. Prabhakar T. Bhandary along with Shri Birmu Bhandary, BMCL and BPCL duly confirmed the agreement. This factual matrix was not disputed by the Revenue. The objection of the Assessing Officer of non-registration of the agreement has been duly replied/considered by Hon'ble jurisdictional High Court in the case of Chaturbhuj Dwarikadas Kapadia (supra). We are in agreement with the finding of the Ld. Commissioner of Income Tax (Appeal) that there cannot be any double taxation of the same income on the same persons in two different years, which is otherwise not permissible under the Act. The issue of double taxation was duly considered by the Tribunal in t....