2026 (10) TMI 354

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....the order dated 29.07.2013 passed under Section 254(1) of the Act by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal") in ITA No. 1156/chd/2011 for the assessment year 2007-08. 2. The facts leading to the filing of the present appeal, in brief, are that the appellant is an individual and widow of late Shri Natha Singh Salam, who was a member of Punjabi Cooperative House Building Society Limited (hereinafter referred to as "the Society"). The Society owned 21.2 acres of land in Village Kansal, in which the appellant's husband had rights in respect of a 500 square yards plot. On 25.02.2007, the Society entered into a Tripartite Joint Development Agreements (JDA) with Hash Builders Priva....

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....eafter issued notice to the appellant under Section 148 read with Section 147 of the Act. Vide order dated 29.02.2010 passed under Sections 144/143(3)/147 of the Act, the Assessing Officer held that execution of the JDA amounted to a "transfer" within the meaning of Section 2(47) of the Act. Relying upon Section 2(47)(v) read with Section 53A of the Transfer of Property Act, 1882, and referring to the grant of rights and handing over of possession in favour of Tata Housing Development Company Limited, the Assessing Officer held that the transfer had taken place during the previous year relevant to the assessment year 2007-08. The Assessing Officer also invoked clauses (ii) and (vi) of Section 2(47) of the Act. Consequently, the Assessing Of....

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....cope and legislative intent of Section 2(47)(ii), (v) and (vi) of the Income Tax Act, 1961, the requirements for attracting Section 53A of the Transfer of Property Act, 1882, the nature and effect of possession delivered pursuant to the JDA, and the question as to whether the transaction gave rise to taxable capital gains. 7. In C.S. Atwal (supra), upon consideration of the relevant statutory provisions and the material on record, this Court recorded its findings on the aforesaid aspects, including the legal effect of the JDA, the nature of possession delivered thereunder and the applicability of Section 2(47)(v) of the Income Tax Act, 1961, read with Section 53A of the Transfer of Property Act, 1882. Since the present appeal arises from....