TaxTMI 
TaxTMI 
2018 (10) TMI 1867
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....see. 3. It was submitted by ld.D.R that the assessee is one of the 13 co-owners entered into Joint Development Agreement (JDA) on 27.06.2006 with Srijan Reality for development of their property situated at No.137,Velachery Main Road, Chennai. As per the JDA, the assessee handed over 50% of the land consisting of 1,45,478 Sq.ft. to the developer, and the developer in turn was to hand over the 1,30,850 Sq.ft. area of constructed building consists of residential and commercial space to the land owner. It was a further submission that consequent to the JDA, the assessee had filed return of income for assessment year 2014-15 declaring capital gains. It was a submission that the ld. Assessing Officer had invoked the provisions of the section ....
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....inabove. The transferee was undisputedly willing to perform its part of the contract, in this circumstance we have to hold that there is transfer under section 2(47)(v) of the Act. Thus, the possession and control of the property is already vested with the transferee and the impugned development agreement has not been duly cancelled and it is still in operation, it has to be decided that there is a transfer under section 2(47)(v) of the Act. We have to see the real intention of the parties. As per the well known cannon of construction of document, the intention generally prevails over the word used and that such a construction placed on the word in a deed as is most agreeable to the intention of the parties. There are grounds appearing from....
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....ent of the impugned land and construction of flats thereon. Also, the assessee signed a development agreement dated 27.06.2006 in favour of the builder/developer and gave possession of the property to the builder/developer. Further, the assessee acted on the impugned agreement by accepting from the builder/developer payments by cheques on different dates in the financial year 2006-07 relevant assessment year 2007-08. In view of the facts and circumstances discussed above, all the conditions of sub- clause (v) of section 2(47) are satisfied in this case and therefore, it has to be inferred that a "transfer" did take place within the meaning of section 2(47)(v). The argument that the deeds in respect of the sale of flats were not registered/e....
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....ement of Supreme Court referred to supra is as follows:- Shri Balbir Sing judgement Assessee's case The Developer not done any act in furtherance of the Contract. The developer did so may acts in furtherance of the Contract. The Developer not performed his part of the Contract. The Developer did performed his part of the Contract. The Land Owner continues to be the owner through out the Agreement and there is no transfer rights. Transfer rights were given to the developer as per JDA. The JDA fell through. The transaction never materialized income did not accrued at all. The JDA not fell through. The JDA was completed and the income accrued in this case which is taxable in the A.Y. The assessee did not acquir....