2025 (5) TMI 802

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....uly, 2014 with one M/s. Aparna Architect & Engicons Pvt. Limited for the development of a piece of land admeasuring 1 katha 3 dhoor 4 dhoorki possessed through purchase on the same day, i.e. on 15th July, 2014. Apart from the said piece of land, there is no other property possessed by the appellant. The assessee filed his return of income for the assessment year 2015-16, but not declared any capital gains in the financial year 2014-15 because the development work/process was not initiated by the developer. The assessee had not declared capital gains on such agreement as the builder had not acted upon as there was no development activities carried out according to the agreement. However, the ld. Assessing Officer has computed capital gains b....

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....evant to assessment year 15-16 (iii) As per recent case law of C.I.T verses chemosyn limited (TS -73 HC- 2015 Bombay) and (iv) I challenging the amount of tax demand and interest on there upon deemed income which is not a capital gain as there was no real income through the said agreement. That the appellant craves right to add, amend, delete, substitute and - or incorporate any of the grounds of appeal before or at the time of having of the appeal. 5. I have heard both the sides. It was the submission of the assessee that the developer M/s. Aparna Architect & Engicons Pvt. Limited after entering into the development agreement, they have not acted upon and the said land remains in the possession of the appellan....

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....ies. 7. I have perused the material available on record. The main contention of the assessee is that though he entered into a Joint Development Agreement but the developer has not acted upon and the developer and the assessee had entered into an agreement of cancellation of the Joint Development Agreement dated 15.07.2014, therefore, the land remains in the possession of the assessee. Hence, the question of right, title and interest over the property does not arise. However, the ld. D.R. has rightly pointed out that the cancellation deed and cancellation letter issued by the developer were very much subsequent to the orders passed by the revenue authorities. Therefore, the subsequent cancellation of Joint Development Agreement dated 15.0....