Pr. CIT Vs Dr. Amrik Singh Basra (Punjab & Haryana High Court)
After considering the relevant statutory provisions and the case law, the following conclusions were drawn :–
“(1) Perusal of the JDA dated 25-2-2007 read with sale deeds dated 2-3-2007 and 25-4-2007 in respect of 3.08 acres and 4.62 acres respectively would reveal that the parties had agreed for pro-rata transfer of land.
(2) No possession had been given by the transferor to the transferee of the entire land in part performance of JDA dated 25-2-2007 so as to fall within the domain of section 53A of 1882 Act.
(3) The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee.
(4) Further section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of section 53A of 1882 Act were required to be fulfilled. In the absence of registration of JDA dated 25-2-2007 having been executed after 24-9-2001, the agreement does not fall under section 53A of 1882 Act and consequently section 2(47)(v) of the Act does not apply.
(5) It was submitted by learned counsel for the assessee-appellant that whatever amount was received from the developer, capital gains tax has already been paid on that and sale deeds have also been executed. In view of cancellation of JDA dated 25-2-2007, no further amount has been received and no action thereon has been taken. It was urged that as and when any amount is received capital gains tax shall be discharged thereon in accordance with law. In view of the aforesaid stand, while disposing of the appeals, we observe that the assessee appellants shall remain bound by their said stand.
