TaxTMI 
TaxTMI 
2023 (4) TMI 117
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...."A" Bench, Kolkata (the Tribunal) in ITA No.299/Kol/2022 for the assessment year 2014-15. The revenue has raised the following substantial questions of law for consideration: (i) On the facts and circumstances of the case and in law whether the Hon'ble ITAT holding that the very initiation of revisional proceedings u/s 263 taken against the assessee vide order dated 26/03/2022 is void in the eyes of law and therefore quashed ? (ii) On the facts and circumstances of the case and in law whether the learned ITAT has failed to examine the provision of Section 43CA of the Income Tax Act, 1961 which are applicable to the case of the assesse and accordingly being the deeming section the proceeds received by the assessee are ta....
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....ssing Officer. It has to be borne in mind that the assessment was a re-assessment proceedings under Section 147 of the Act and from the reason furnished from reasons furnished by the Assessing Officer for re-opening the assessment, we find this very issue was the reason for re-opening and there was a proposal to tax the long term capital gains which, in the opinion of the Assessing Officer, had escaped assessment. The assessee submitted detailed reply objecting to the re-opening proceedings. It is contended that the land was not a capital asset that is not held by them as a fixed asset or investment. Consequently, there was no transfer of any capital asset and handing over possession of the land to the developer pursuant to the Joint Develo....
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.... 2. It is agreed and recorded that the said vested land admeasuring 2 Bighas, 11 cottahs, 12 chittacks ad 36 sq. ft. ad morefully described in the second schedule hereunder written shall always be the property of the owner ad any benefit deriving out of the same shall belong exclusively to the owner and the developer shall have no right title and interest therein. Provided however this shall not preclude the owner to enter into an arrangement with the developer for developing the said vested land on the terms and conditions as may be mutually agreed upon provided the owner is permitted by the Government of West Bengal to develop the said vested land. APPOINTMENT 1. The owner herein hereby appoint the Developer as the buil....
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.... an interest free security deposit which shall be paid in the following manner :- (i) A sum of Rs.5,00,00,000/- (Rupees five crores) only shall be paid by 30th September, 2013. (ii) A further sum of Rs. 5,00,00,000/- (Rupees five crores) only shall be paid by 31st January, 2014. (iii) At the time of execution of this presents no payment is being made. 2. It is agreed and recorded that the said interest free security deposit of the said total sum of Rs.10,00,00,000/- (Rupees ten crores) only shall be refunded by the owner to the developer within fortnight from the date of the receipt of the notice of completion of the construction of the said housing complex. TERMINATION It is agreed and ....
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....ls to develop the housing complex and hand over the assessee's allotted area with all common amenities and facilities within the stipulated time of four years together with grace period of one year, the Joint Development Agreement would stand determined and cancelled and the developer shall cease to have any right, title, interest under the Joint Development Agreement and the developer shall be entitled to complete the construction of the incomplete portion of the housing complex provided however the assessee shall refund the entire outstanding amount of interest-free security deposit and the cost of construction of the said housing complex and the value of the construction shall be certified by the structural engineer and architects. There....