TaxTMI 
TaxTMI 
2023 (1) TMI 1405
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.... has been filed to consider following questions of law: 1. Whether in the facts and circumstances of the case and in law the Tribunal was justified in upholding the order of CIT(A) in deleting addition of Rs. 6,86,27,826/- made under the head of Capital Gains by invoking the provision of Section 2(47) of the IT Act without appreciating the fact that the capital gain for the land owner stands reckoned on the date of JDA since the builder acquires right to start construction on the given property to the extent of ratio as laid in the JDA agreement? 2. Whether the Tribunal's order can be said as perverse in nature in relying on the decisions of the Hon'ble Supreme Court in the case of CIT Vs Balbir Sing Maini & Ors reported in (2017) 398 I....
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....the decision in CIT Vs. Dr.T K.Dayalu (202 Taxmann 531 KAR) and added capital gains of Rs. 6,10,73,524/-. 7. The CIT(A) (Commissioner of Income Tax (Appeals) has partly allowed the appeal and held that assessee is not liable to pay capital gains tax for A.Y.2014-15. 8. The ITAT (Income Tax Appellate Tribunal) has concurred with the view taken by the CIT(A). Hence, this appeal. 9. Shri Aravind's principal contention is that as per Clause 13.1 of the JDA, the owner of the land has simultaneously agreed to execute a power of attorney to do all acts and deeds in relation to rights, obligations and entitlements under the agreement as contemplated in the power of attorney. Therefore, according to him, once the power of attorney is executed, tr....
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.... on the JD Property pursuant to this Agreement." (Emphasis Supplied) 13. So far as Clause 13 with regard to power of attorney is concerned, the said clause reads as follows: "13. POWER OF ATTORNEY 13.1. The Owner shall simultaneously with the execution of this Agreement, execute and register power of attorney in favour of the Developer, to do all acts and deeds in relation to the rights, obligations and entitlements under this Agreement and as contemplated under the power of attorney ("Power of Attorney"). It is clarified that the powers provided under the Power of Attorney are administrative in nature. 13.2. The provisions of the Power of Attorney that empower the Developer on behalf of the Owner to execute agreements to sell, cons....