Case Law Details
Case Name : Ravinder Singh Arora Vs Assistant Commissioner of Income-tax, Circle-10(1), Hyderabad (ITAT Hyderabad)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Hyderabad
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IN THE ITAT HYDERABAD BENCH ‘A’
Ravinder Singh Arora
v/s.
Assistant Commissioner of Income-tax, Circle-10(1), Hyderabad
IT APPEAL NOS. 58 & 355 (HYD.) OF 2011
[ASSESSMENT YEAR 2007-08]
JULY 20, 2012
ORDER
Chandra Poojari, Accountant Member
These are cross appeals directed against the order of the CIT(A)-VI, Hyderabad, dated 15.11.2010 for assessment year 2007-08.
2. The assessee raised the following grounds of appeal:
1. The order of CIT (Appeals) is in gross violations of the provisions of law and hence is bad in law.
2. The CIT (Appeals) has erred i...
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Land development is a complex process that involves the evaluation, planning, engineering, and construction of improvements on a piece of land based on codes and regulations set by the municipality and regulatory agencies. Land development means the process of acquiring land for residential housing construction, and of making, installing, or constructing nonresidential housing improvements, including, without limitation, waterlines and water supply installations, sewer lines and sewage disposal and treatment installations, steam, gas and electric lines and installations, roads, streets, curbs, gutters, sidewalks, storm drainage facilities, other related pollution control facilities, and other installations or works, whether on or off the site, which HDA deems necessary or desirable to prepare such land primarily for residential housing construction within the Commonwealth. Land development means any land change, including, but not limited to, clearing, digging, grubbing, stripping, removal of vegetation, dredging, grading, excavating, transporting and filling of land, construction, paving, and any other installation of impervious cover. Land development means the changing of land characteristics through redevelopment, construction, subdivision into parcels, condominium complexes, apartment complexes, commercial parks, shopping centers, industrial parks, mobile home parks, and similar developments for sale, lease, or any combination of owner and rental characteristics. Land development means any procedure aimed at changing the use of land for the purpose of using the land mainly for residential, industrial, business, small-scale farming, community or similar purposes, including such a procedure in terms of Chapter V, VI or VII, but excluding such a procedure in terms of any other law relating exclusively to prospecting or mining.
SECTION 2(47)
CAPITAL GAINS – TRANSFER
Land dealings : Where assessee, owner of plot, entered into a development agreement with developer in terms of which he was entitled to receive certain amount in cash and a furnished flat, assessee was liable to pay capital gain tax in year in which said joint development agreement was signed and not afterwards – Hussan Lal Puri v. Income-tax Officer (2013) 38 taxmann.com 7 (Chandigarh – Trib.)
In view of various judicial pronouncements, Finance Ministry should come out with amendment in Sec.2(47) as well as in Sec.45 so that tax be collected by revenue not before development of land takes place. CASH RECEIVED AT THE TIME OF AGREEMENT SHOULD BE CONSIDERED AS ADVANCE.