The Commissioner Of Income Tax, Panaji-Goa v. Vinod S. Gosalia, Margao

IN THE HIGH COURT OF BOMBAY AT GOA TAX APPEAL NO. 56 OF 2006 THE COMMISSIONER OF INCOME TAX, PANAJI-GOA. Versus ....Appellant VINOD S. GOSALIA, MARGAO ....Respondent Mr. S. R. Rivankar, for the Appellant. Mr. A.N.S. Nadkarni with Mr. H.D. Naik for the Respondent. P.C.: -Coram:J. N. PATEL &N. A. BRITTO, JJ.-Date:28th November, 2006 The Revenue has impugned the Order dated 2.01.06 passed by theIncome-Tax Appellate Tribunal in ITA NO. 303/PNJ/2002 and seeks toquash and set aside the impugned Order by raising the issue that theAppellate Tribunal has erred in holding that the transfer of property didnot take place in the assessment year 1997-98 even though the possessionof the property was handed over to the purchaser in part performance ofthe "agreement to sell" executed on 17.02.1997 and other underlyingissues. What we find from the order of the Tribunal is that the Tribunal hastaken into consideration the fact that the possession was given to theowner on 16.09.1998 under provisions of section 53-A of the Transfer ofProperty Act and the provisions of section 2(46)(v) of the IT Act wouldcome into operation with effect from the said date and came to theconclusion that the CIT(A) was right in holding that capital gains on theimpugned transaction are not taxable in the said year and in theassessment year 1999-00 which has also been reflected in the balance In view of the concurrent finding of fact, which is a plausible view, wedo not think that any substantial question arises for determination. Therefore the appeal is dismissed. sl. J. N. PATEL, J.N. A. BRITTO, J.