directed the Managing
Director, Housing Board to take steps for cancellation of development
agreement executed with the petitioner and other developers.
Consequently, vide letter dated ... directed the
Managing Director, Housing Board to take steps for cancellation of
development agreement executed with the petitioner and other
developers. Consequently, vide letter dated
Assessing
Officer took up scrutiny. He perceived the above sequence of development
and cancellation transactions as assessee's modus operandi inter alia
indicating ... assessee's real estate
development agreement embedded therein followed by development,
cancellation and settlement deeds leading to avoidance of tax as the damages
erred in setting aside the
deed of cancellation only on the ground that unilateral cancellation of
Development Agreement and GPA is not permissible ... these cases. It is settled principle of law that
unilateral cancellation of Development Agreement-cum-GPA is not
permissible and is ex facie illegal. Following
erred in setting aside the
deed of cancellation only on the ground that unilateral cancellation of
Development Agreement and GPA is not permissible ... these cases. It is settled principle of law that
unilateral cancellation of Development Agreement-cum-GPA is not
permissible and is ex facie illegal. Following
cancel or also because of non-development
ISSUE NO. 7
If on ground of non-development - order of cancellation illegal.
109 onwards
A- PROPORTIONALITY ... Cancellation Order. The Cancellation Order had a proper purpose and rational connection with the aim it sought to achieve. The primary objective of the Cancellation
Agreement and every part thereof.
Accordingly, vide 'Deed of Cancellation of Joint Development
Agreement' and 'Power of Attorney' both dated ... CESTAT Chennai.
9.3 We have perused the Deed of Cancellation of Joint
Development Agreement dated 22.05.1998 which is placed on
record which reads 'that
bank account of that company. There was no genuine development
agreement, cancellation of development agreement, correspondence for appointing
of Arbitrator, and arbitration award by Shri ... With
respect to the showcause notice, that there was no genuine development
agreement,cancellation of development agreement, correspondence for
appointing arbitrator and arbitration award
Income-tax Appellate Tribunal. The assessee now questions the cancellation of the development rebate as illegal.
7. We, however, must hold that the action ... present case is not one of cancellation of development rebate under s. 155(5) of the Act, but a revision order passed by the Commissioner
agreement has
been entered into between the parties subsequently or
cancellation of development agreement in support of its
contention. Accordingly, the Assessing Officer calculated ... same, he came to a different conclusion
that there is no cancellation of development agreement therefore,
possession is with the developer. We find that when
joint stock banking company by the name of Development Credit Bank, the
Development Co-operative Bank Ltd. had ceased to exist as society under ... Bombay-400 021.
Sub : Striking off the name from register/formal cancellation
Development Co-operative Bank.
Sir,
Reference your letter dated August
