2018 (3) TMI 436

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.... 17th September, 2014 is in respect of Assessment Years 2003-04 to 2008-09. Thus, these six appeals, one for each Assessment Year. 2 Revenue urges the following common question of law, for our consideration: " Whether on the facts and in the circumstance of the case and in law, the Tribunal was correct in holding that the Letter of Allotment does not confer the possession of land on the buyers and possession of land is given only on execution of sale deed" 3 The Respondent -Assessee is in the business of developing and dealing in agricultural plots since 199091. During the assessment proceedings, consequent to reopening notice under Section 148 of the Act, the Assessing Officer concluded that although the Respondent-Assessee ....

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....s done. It further records that the allotment letter states that Respondent-Assessee would execute a sale deed with the prospective buyer on his becoming a member of Girivan project and on making payment, that possession of land/plot was also to be handed over. It also records that evidences has been examined in the form of letters from the buyers of the plot, that possession was given only on execution of sale deed. The Respondent-Assessee has been offering its income on the sale of plots in the year in which the sale deed was executed. The same has been accepted by the Revenue. Thus, the method of accounting, to book income on execution of sale deed has been regularly employed by the RespondentAssessee and accepted by the Revenue. In the ....

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....t of Mr. Deshmukh, is not justified in the context of the documentary evidence to the contrary. Therefore, on the basis of the allotment letter, it is clear that no possession of the plot was given to the prospective buyers till the execution of the sale deed. In the above circumstances, the view taken by the Tribunal, on facts, is a possible view. Therefore, the proposed question does not give rise to any substantial question of law. 8 Without prejudice to the above, in any case, it is an undisputed position that Respondent-Assessee has offered the income on sale of plot to tax, on execution of sale deed. The Revenue has also accepted the tax on it. Therefore, in the absence of Revenue pointing out any change in law in the subsequent ye....