TaxTMI 
TaxTMI 
2017 (2) TMI 1523
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....No. 393(ASR)/2015, claiming following substantial questions of law:- (i) "Whether on the facts and circumstances of the case, the Hon'ble ITAT was justified in deleting the addition made by AO relying upon the decision of Hon'ble High Court in the case of C.S. Atwal Vs. CIT in ITA No. 200 of 2013, when SLP has been filed by the department in the case? (ii) Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT erred in relying upon the order of Hon'ble High Court and was justified in holding that the transfer of land by members of a Cooperative Society by signing an irremovable Power of Attorney in the name of the Developer and also by signing a Joint Development Agreement (JDA) would constitute 't....
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....ent case, failing to appreciate the fact that this requirement of registration cannot be read into clause (v) of Section 2(47) of the Income Tax Act, 1961 because the said provision refers only to the contract of the nature of section 53A of the T.P. Act without going into the controversy whether or not such agreement is required to be registered? (v) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT erred in relying upon the order of Hon'ble High Court and was justified in holding that the Society has transferred the land through JDA on a pro-rata basis, and that only the money received against which sale deeds have also been executed could be taxed and the money to be received later c....
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.... narrated in the appeal, necessary for adjudication of the controversy involved may be noticed. The respondent-assessee is an individual. He filed his return for the assessment year 2007-08 on 30.11.2007 declaring total income of Rs. 2,98,890/- plus agriculture income at Rs. 96,000/-.The return was processed under Section 143(1) of the Act on 24.08.2008. The assessee also filed revised return of income on 30.10.2009 declaring total income of Rs. 19,43,830/- which was filed beyond the time limit as prescribed under Section 139(5) of the Act. Later on, proceedings under Sections 147/148 of the Act were initiated by issuing notice under Section 148 of the Act on 22.11.2013 as the assessee had not declared entire long term capital gain. The ass....
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....nd two furnished flats of 2250 square feet each. The assessee received proportionate amount of Rs. 30,00,000/- during the year under consideration i.e. 2007-08. Vide order dated 13.02.2015, Annexure A.1, the Assessing Officer under Section 143(3) of the Act held that since as per the JDA, there was grant and assignment of various rights in the property by the assessee in favour of THDC along with handing over physical and vacant position, the same tantamount to transfer. The Assessing Officer applied the provisions of Section 2(47)(v) of the Act read with Section 53A of the Transfer of Property Act, 1882 (in short, "the 1882 Act") which provides that any transaction involving allowing the possession of the immovable property to be taken or ....
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....o longer res integra. In C.S. Atwal's case (supra) in ITA No. 200 0f 2013 decided on July 22, 2015, the issue involved in this appeal stands decided by this Court. In the said case, the following issues emerged for consideration:- (i) Scope and legislative intent of Section 2(47)(ii), (v) and (vi) of the Act; (ii) The essential ingredients for applicability of Section 53A of 1882 Act; (iii) Meaning to be assigned to the term "possession"? (iv) Whether in the facts and circumstances, any taxable capital gains arises from the transaction entered by the assessee? After considering the relevant statutory provisions and the case law, the following conclusions were drawn:- "(1) Perusal of the JDA da....