TaxTMI 
TaxTMI 
2020 (1) TMI 219
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....460 days and Assessee has filed condonation petitions praying for condonation of delay. The Ld. DR for the Revenue opposed the prayer for condonation of delay and submitted that the appeal should be dismissed. The ld Counsel submitted that assessee`s advocate had been suffering illness (critical sickness) for a long period. Finally, the assessee`s advocate died. Therefore, delay occurred and the appeal could not file on time. The Ld Counsel produced before the Bench the medical certificate and death certificate of his advocate. Having heard both the parties and after having gone through the affidavit as well the delay condonation, application, we are of the considered opinion that in the interest of justice, the delay deserves to be condoned. We, accordingly, condone the delay and admit the appeal for adjudication. 4. First we shall take assessee`s appeal in ITA No. 306/ASR/2014, for A.Y.2007-08.The grounds of appeal raised by the assessee in ITA No. 306/ASR/2014 are as follows: "1. That the Assessment Order passed by Ld. Assessing Officer u/s. 143(3)/147 of the Incometax Act, 1961, as well as the Appellant order passed by worthy CIT (A) are illegal, arbitrary and contrary to t....
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....table advance/earnest money within the ambit of transfer as contemplated under section 53A of Transfer of Property Act. 8. That Ld AO has misapplied the facts and law in treating future and uncertain and unquantifiable benefits as so called consideration for alleged transfer and accordingly he has valued non existent property benefits for levy of capital gains. 9. That, the impugned agreement with the builders/ developers had been canceled by the society and the honorable Punjab & Haryana HC had granted a permanent injunction against the builders to carry out any kind of construction thereon from the date of the order of HC and the worthy CIT (A) has failed to adjudicate and record a finding on our arguments on this issue. 10. That the income assessed at Rs. 3,67,50,000 as capital gains stands to be deleted because the estate had no property after the death of Shri Jagir Singh. 11. That without prejudice to the above, similar assessment/reassessment proceedings have been initiated against the Punjabi Cooperative House Building Society Ltd for this assessment year. That similar proceedings to tax the similar income arising out of similar transaction tantamount to double taxa....
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....gned amounts to any kind of transfer as contemplated u/s 2(47) of the Income Tax Act 1961." 3. At the outset, the Ld. AR submitted that there is a delay of 775 days in filing of the appeal and the reason for delay in filing of the appeal was the continuous ill health of R.C. Khanna the counsel of the assessee. It was submitted that assessee was under bonafide belief that his appeal against CIT(A) order has been filed by his counsel but Ld. counsel could not file the appeal due to his bad health, Ld. AR submitted that an application for condonation of delay alongwith affidavit of the assessee was on record and it was prayed that in the interest of justice the delay in filing the appeal may be condoned. The Ld. DR had no objection to the condonation of delay and therefore the delay was condoned and Ld. AR was directed to proceed with his arguments. 4. The Ld. AR at the outset submitted that the case of the assessee was covered in favour of assessee by the order of Punjab & Haryana High Court in the case of C. S. Atwal and others Vs. CIT. 5. The Ld. DR fairly agreed that the matter was covered in favour of assessee. 6. We have heard the rival parties and have gone through the ....
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....r Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 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 under Section 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 assessee- appellant that whatever amount was received from the developer, capital gains tax has already been paid on that and sale deeds have also been executed. In view of cancellation of JDA 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 thereon in accordance with law. In view of the aforesaid stand, while disposing of the appeals, we observe that the assessee appellants shall remain bound by their said stand. 6. The issue of eligibility to capital gains tax having been decided in favour of the assessee, the question of exemption under Section 54F of the Act would not survive any longer and has been rendere....