TaxTMI 
TaxTMI 
2016 (12) TMI 1668
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....erein, the conclusion drawn in the impugned 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 ....
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....eement was entered on 09/07/2007 between M/s Fine 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 Assessm....
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....Securities and Exchange Board of India Act, 1992 (15 of 1992), but 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 ....
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....om the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more 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; ....
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....xisting structure, settle the existing tenant's claims and commence the construction. The agreement was initially signed on 18.08.1994. The permissions from "the authorities were received as well as a substantial portion of the consideration 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:- ....
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....the Bombay High Court can also be arrangement whether privilege conferred without being a consideration or agreement so written. 2.3. The main clauses of the agreement and payment of 7.5 crores were duly considered by the Ld. Commissioner of Income Tax (Appeal) as the amount 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 fin....