TaxTMI 
TaxTMI 
2025 (11) TMI 921
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....appeal is barred by limitation by 342 days. The assessee has filed a petition for condonation of delay explaining the reasons. After perusing the same, we are satisfied that the assessee had a reasonable and sufficient cause and was prevented from filing the instant appeal within the statutory time limit. We, therefore, condone the delay and admit the appeal for adjudication. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal: "1. For that the grounds of appeal hereto are without prejudice to each other. 2 For that in the facts and circumstances of the case the learned CIT(A) has erred in calculation of assessed income without considering the facts of case. 3. For that the ....
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....vi Homes Pvt. Ltd., Patna (the Developer) for the relevant assessment year. As per the agreement, in exchange for land rights, the assessee was entitled to a share in the constructed area on the land. In view of the capital gain arising on the land relinquished to the developer, which was not charged to tax, the case was reopened with the approval of the Range Head. The Ld. AO completed the assessment u/s 144 of the Act and computed the long-term capital gains of Rs. 62,89,418/-. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A), who upheld the order of the Ld. AO and dismissed the appeal. 4. Aggrieved with the order of the Ld. CIT(A), the assessee has filed the appeal before the Tribunal. 5. Riva....
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.... the facts of the case, the judicial pronouncements and decided the appeal by giving his findings as under: "4.3 DECISION: 4.3.1. The current provisions to with regard to taxability of capital gains on entering into JDA is governed by the provisions of section 45(5A) introduced by the Finance Act 2018 with effect from A.Y. 2018-19. The same has been held to be prospective in nature and not retrospective by the jurisdictional HC of Patna in Pankaj Kumar, Mohamid Abdul Hal, Hasmat Hai & Ors. V CIT (455 ITR 583). Before the A.Y. 2018-19, there is thus, no specific provision in the IT Act for this purpose and it is governed by the general provisions related to capital gains. To constitute capital gains, the following are requi....
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.... no details of when and how the possession was taken is given by the appellant. Moreover, as the Honourable Apex Court held in case of Seshasayee Steels P Ltd v ACIT (2020) 115 taxmann.com 5, the term 'possession' in section 53A of the Transfer of Property Act, 1882 is a legal concept that denotes control over the land and not the actual physical occupation of the land. The legal control over the land is with the developer as per the terms in the agreement as discussed by the AO in para 4 of the assessment order - the developer being authorised to carry out various acts, deeds such (as) all legal compliances and paper works relating to the building, applying for various utilities from respective authorities, sale and mortgage of bui....
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.... under:- 1. Chaturbhuj Dwarkadas Kapadia v. CIT (2003) 129 taxmann 497 (Bombay HC) 2. Potia Nageshwara Rao v. DCIT (2014) 365 ITR 249 (AP HC) 3. CIT v. Dr. T.K. Dayalu (2011) 14 taxmann.com 120 (Karnataka HC) 4.3.4. Hence, the AO's calculation of capital gains on consideration of the value of the constructed area being received by the appellant is correct in the concerned year when the JDA is executed and registered. Therefore, the addition of the AO is upheld. 5. Ground No.5 is general in nature and need no specific adjudication. In the result, the appeal is treated as Dismissed." 8. We have considered the rival submissions and have also gone through the facts of the case, the submission ....