TaxTMI 
TaxTMI 
2018 (3) TMI 430
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....ding that the parties had agreed for pro-rata transfer of land whereas by virtue of executing the Joint Development Agreement (JDA) read with possession letter and duly registered irrevocable special power of attorney, there was a grant and assignment of all rights in the entire property in favour of Tata Housing Development Company Limited (THDC) and so 'transferror the purposes of section 2(47)(v) of the Income Tax Act 1961 read with Section 2(47)(ii), 2(47)(vi), and explanation below 2(47) and Section 269UA had taken place. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in holding that that no possession had been given by- the transferor to the transferee of the entire land in part ....
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....(47)(ii), 2(47)(vi), and explanation below 2(47) and Section 269UA. 5. On the facts and in the circumstances of the case and in law, the Id. CIT(A) has erred in holding that the possession delivered, iff at all, was as a licencee for the development of the property and not in the capacity of the transferee whereas all possible rights in the property including the right to sell etc, had been given to the builder. 6. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in bifurcating the agreement into different portions and allowing the assessee to pay capital gains tax only when cash or money is received whereas section 45 of the Income Tax Act 1961 is a deeming provision where capital gai....
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....assessee has raised the following grounds of appeal : 2. On the facts and circumstances of the case the Ld. CIT(A) has erred in having confirmed the order of the Ld. Assessing Officer which was illegal, unwarranted and without jurisdiction as no notice under section 148 was served upon the assessee. 3. On the facts and circumstances of the case the Ld. CIT(A) has erred in having held that the Assessing Officer has rightly served the notice on the assessee on the last known address as no return has been filed by the assessee, which is against facts. 4. On the facts and circumstances of the case the Ld. CIT(A) has erred in having held that the returns filed by the assessee are not reliable and cogent evidence. ....
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....lowing the cost of acquisition, the long term capital gains were computed at Rs. 1,78,25,000/-. In view of the above reasons, proceeding u/s 147 was initiated and notice u/s 148 was issued on 26.10.2009. In response to notice u/s 148 the assessee has not filed the return of income. 5. Before the Ld. CIT(A) the assessee has shown evidences regarding the declaration of long term capital gain at Rs. 29,76,424/- which was calculated on the basis of sale consideration actually received i.e. Rs. 32 lacs. The revised return filed by the assessee declaring the capital gain on the basis of actual receipt by the assessee i. e. Rs. 32 lacs in lieu of transfer of capital asset is in consonance with the decision of the jurisdictional High Court i.e. ....
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....n 2(47)(v) of the Act and all the essential ingredients of Section 53A if 1882 Act were required to be fulfilled. In the absence of registration of JDA dated 25.02.2007 having been executed after 24.09.2001, the agreement does not fall u/s 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. 5. It was submitted by Learned counsel for the assesse appellant that whatever amount was received from the developer, capita gain tax has already been paid on that and sale deeds have also been executed. In view of cancellation or JUA dated 25.02.2007, no further amount has been received and no action thereon has been taken IT was urged that as and when any amount is received., capital gains tax shall be discharged ther....