2021 (6) TMI 1135

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....f the case are that the assessee individual had entered into a development agreement with one Shri Syed Aqil Faiq to develop the property of the assessee situated at Red Hills, Hyderabad for construction of a complex consisting of residential flats. She agreed to relinquish the rights of ownership over 50% of the built-up area in favour of the developer in exchange for developing the property of the assessee at the cost and expenses of the developer. The agreement was entered into vide registered sale deed No.128/2010 on 29.12.2009 wherein the SRO value of the developed property was determined at Rs.1,15,47,000/- on which stamp duty was paid. 3. Since this information was received by the Assessing Officer and it was found that the assess....

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....the appellant no tax is payable by him and that, therefore, no advance tax liability arises and in view of the same, the provisions contained in Sec.249(4)(b) have no application. 3. The learned Commissioner of Income-Tax (Appeals) erred in holding that the appellant is liable to pay any advance tax and that there was failure as mentioned in Sec.249(4)(b) of the LT. Act. As an alternate the learned Commissioner of Income-Tax (Appeals) ought to have provided property opportunity. 4. The learned Commissioner of Income-Tax (Appeals) ought to have considered each of the grounds agitated before him and decided the appeal on merits. 5. The learned Commissioner of Income-Tax (Appeals) ought to have considered that the As....