According to the assessee, Rs.36 lakhs received in the subsequent assessment year 2008 09 were also offered for tax under the head capital gains.
As companysideration for both instalments, land admeasuring 7.7 acres was ultimately companyveyed.
In the impugned judgment by the High Court under Section 260A of the Income Tax Act, the High Court allowed all the appeals of the assessees and held Perusal of the JDA dated 25.02.2007 read with sale deeds dated 02.03.2007 and 25.04.2007 in respect of 3.08 acres and 4.62 acres respectively would reveal that the parties had agreed for pro rata transfer of land.
The third instalment, and the balance payment, were payable in the following terms.
Aggrieved by the order, the assessee filed appeal before the Income Tax Appellate Tribunal ITAT , which was also dismissed by the ITAT.
The Commissioner Appeals dismissed the appeal upholding the order passed by the Assessing Officer.
The return of income tax for the assessment year was later revised, on 07.10.2009, declaring an income of Rs.30,08,606/ , which included capital gains of Rs.27,58,436/ .
the developers, will undertake to develop 21.2 acres of land owned and registered in the name of the society.
F. Nariman, J. Leave granted.
Ltd., Chandigarh HASH and Tata Housing Development Company Ltd. THDC .
Under the JDA, it was agreed that HASH and THDC viz.,
The agreed companysideration was to be disbursed by THDC through HASH to each individual member of the society, and different amounts and flats were payable and allotable to members having different plot sizes.
