Balvir Singh Ghunas v. Commissioner Of Income Tax, Patiala

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH ITA No. 152 of 2015 (O & M)Date of Decision:- 28.07.2015 Balvir Singh Ghunas ......Petitioner(s) vs. Commissioner of Income Tax, Patiala ......Respondent(s) CORAM:- HON'BLE MR. JUSTICE S.J. VAZIFDAR,ACTING CHIEF JUSTICE HON'BLE MR. JUSTICE G.S.SANDHAWALIA Present:-Mr. A.S. Jattana, Advocate,for the petitioner. Ms. Urvashi Dhugga, Advocate,for the respondent. S.J. VAZIFDAR, A.C.J. (Oral) The matter is covered against the respondents and in favour ofthe appellant/assessee by the judgment of the Division Bench of this Courtin ITA No. 200 of 2013, C.S. Atwal vs. Commissioner of Income Tax, Ludhiana and another decided on 22.07.2015. The questions of law raised in this case are re-framed on thelines of the questions framed by the Division Bench in the above saidjudgment. The appeal is, therefore, admitted on the following substantialquestions of law:- i) “Whether the transactions in hand envisage a “transfer” exigible to tax by reference to Section 2(47)(v) of the Income Tax Act, 1961read with Section 53-A of the Transfer of Property Act, 1882? ii) Whether the Income Tax Appellate Tribunal, has ignored rights emanating from the JDA, legal effect of non registration of JDA, itsalleged repudiation etc.? iii) Whether “possession” as envisaged by Section 2(47)(v) andSection 53-A of the Transfer of Property Act, 1882 was delivered, and if so,its nature and legal effect? iv) Whether there was any default on the part of the developers,and if so, its effect on the transactions and on exigibility to tax? v) Whether amount yet to be received can be taxed on anhypothetical assumption arising from the amount to be received?” The questions of law are answered in favour of theappellant/assessee and against the respondents. The appeal is accordinglyallowed in the same terms as in C.S. Atwal's case (supra). (S.J. VAZIFDAR) ACTING CHIEF JUSTICE 28.07.2015shivani (G.S. SANDHAWALIA) JUDGE