TaxTMI 
TaxTMI 
2023 (12) TMI 1261
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....16.12.2017 framed by ITO, Ward-3(1), Kolkata. 2. The only issue raised by the assessee in the various grounds of appeal is against the confirmation of addition of Rs. 33,84,024/- by the ld. CIT(Appeals) as made by the ld. Assessing Officer on account of capital gain on land by invoking the provision of section 2(47)(v) of the Act in respect of the land qua, which a registered joint development agreement was executed with the builder M/s. Badu Road Developers LLP by assessee on 30th July, 2014. 3. The facts in brief are that the ld. Assessing Officer during the course of assessment proceedings observed that the assessee has entered into a joint development agreement with M/s. Badu Road Developers LLP on 30.07.2014 in respect of the lan....
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....o be taken away by the builder in part performance of a contract . It is just an agreement for carrying out construction on the plot after obtaining requisite permissions from the Government authorities and then after completion of the project, certain area has to be allotted to the assessee. Therefore, I find merit in the contention of the ld. A.R. of the assessee that the said execution of land development agreement cannot be a sale of land in favour of the builder within the meaning of section 2(47)(v) of the Act as only construction was allowed to be done by the builders after obtaining necessary approvals from competent authorities and, therefore, the capital gain has wrongly been computed and charged to tax. The ld. A.R. relied on the....
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.... 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. Thereafter the Tribunal took note of the decision of the Hon'ble Supreme Court in the case of Commissioner of Income Tax vs. Balbir Singh Maini reported in [2017] 398 ITR 531 (SC). The said decision is more or less identical to the facts of the case on hand wherein one of the questions which fell for consideration was whether the transaction under the Joint Development Agreement should be envisaged as transfer exigible to tax by reference under Section 4(47)(v) of the Act read with Section 53A of the Transfer of Property Act, 1882. After taking note of....
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....dgement in relation to transfer or deliver of possession of immovable property with an intent to transfer right, interest in, or title to, such property at any future date. This expression was noted and the registering authorities have calculated the stamp duty on the said amount at the fixed rate and not treating it as a conveyance deed. Thus, we are of the considered view that the Tribunal took note of the factual position and applied the correct legal principle and granted relief to the assessee. Thus, we find no ground to interfere with the order passed by the learned Tribunal. Accordingly, appeal (ITAT/59/2023) is dismissed and the substantial questions of law are answered against the revenue. 6. On the other hand,....