TaxTMI 
TaxTMI 
2018 (8) TMI 2170
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.... Mr. AR.V.Sreenivasan represented on behalf of the Revenue. 3. It was submitted by ld. A.R that the assessee is an individual, who along with his mother owned a residential house at plot No. 140, Door No.59, MGR Road, Kalaskshetra Colony, Besant Nagar, Chennai. It was a submission that the assessee and his mother entered into Joint Development Agreement with M/s. Chaitanya Eastlyn on 13.07.2011 with a proposal to demolish the existing building and construct residential Apartments in the said land. Consequent to the agreement, the assessee had received part consideration of Rs.40 lakhs on 13.07.2011. It was a submission that as per the agreement, assessee was to receive 50% of the super-built area along with monetary compensation. It was ....
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....pellant through his mother as Power of Attorney and Mrs. Hamsa Ramadass entered into Development Agreement with M/s. Chaitanya Eastlyn, a developer for developing the property. 1. The Development agreement provides for 50% of land and building to the Owners and 50% building and 331/3% of land share in land as remuneration to the builder for construction of building. 2. The Builder to build a super structure after demolishing the existing building in accordance with the specifications agreed. For that purpose the owners should give a license to the Builder to enter into the property. (Clause 10 of agreement). 3. The apartments need to be identified by parties before submitting plan for approval to Corporation of Ch....
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....anner the Attorney may think fit. ii. To obtain permission or approval from other authorities as may be required for the development and construction of the said new building in accordance with the said agreement and for that purpose to sign such applications, papers, writings, undertakings, appeals etc. as may be required in relation to the said property, development and constructions. 3 01.12.2011 Corporation of Chennai granted permission for demolition. 4 07.02.2012 Corporation of Chennai granted Planning Permission 5 18.07.2012 Supplemental agreement was entered between the parties. The consideration portion contained in original agreement was revised as Builder was now authorized to sell 50% of the u....
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....r assessment year 2012-13. 14 30.12.2016 Order passed by Income Tax officer and demand for Rs.25,25,601/- as capital gains was made by the Income Tax officer. It was shocking to note that the Income Tax officer had summoned and recorded a statement from the personnel of M/s. Chaitanya Eastlyn that possession was taken by them on 01.09.2011. This was done without any intimation to the assessee behind his back and in violation of all principles of natural justice. The letter submitted by assessee from Developer was not relied in the said order. 15 24.03.2017 CIT(A) passed order confirming the order of Income Tax officer. It was a submission that the assessee had granted a power of attorney on 08.11.2011 to the Developer f....
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.... 53EC r.w.s.2(47)(v) of the Income Tax Act, 1961 applied for assessment year 2012-13. 4. In reply, the ld.D.R vehemently supported the orders of ld. Assessing Officer and the Ld. CIT(A). The ld. D.R drew our attention to page-2 of the assessment order to submit that as per the Joint Development agreement dated 13.07.2011, Joint Development Agreement showed the possession of the property having been handed over to the builder and the assessee having received consideration. 5. We have considered the rival submissions. Perusal of the Joint Development Agreement dated 13.07.2011 shows that possession of the scheduled property has not been handed over by the assessee to the builder. As per the Joint Development Agreement, the builder has b....