terms of JDA to THDC/HASH and also handed over
the physical vacant possession of the property to THDC/HASH,
therefore, the assessee became liable ... rate as per which HASH is liable to
buy from THDC. It is a clear indicative of the value of flat,
devoid of any special
agreement. The value of flat is determined at
Rs.1,01,25,000/- by taking value of flat at Rs.4500 ... cash amount receivable by the assessee
and value of the flat. The AO considered the value of the flat
Tata Housing Development Company Ltd.
('THDC'), Mumbai according to which Hash was required to make
monetary payment to the assessee and THDC ... into consideration the
amount receivable as per agreement from 'Hash' and notional value of the,
'to be constructed flats'. Apart from
Society Ltd., Hash Builders Pvt. Ltd., Chandigarh (HASH) and Tata
Housing Development Company Ltd. (THDC). Under the JDA, it was
agreed that HASH and THDC ... crores received as adjustable advance
to be disbursed by THDC through Hash to each individual member of
the society, and different amounts and flats were payable
entered into a tripartite joint
development agreement on 27.4.2007 with M/s Hash Builders
(Pvt.) Ltd., Chandigarh and M/s Tata Housing Development
Company ... taking entire consideration
comprising of cash amount receivable and the value of land.
The value of the flat was taken at Rs.4500
entered into a tripartite joint
development agreement on 27.4.2007 with M/s Hash Builders
(Pvt.) Ltd., Chandigarh and M/s Tata Housing Development
Company ... taking entire consideration
comprising of cash amount receivable and the value of land.
The value of the flat was taken at Rs.4500
erred in upholding the action of the Assessing Officer in estimating the
value of flat."
3 Ground No. 1 - After hearing both the parties ... Building Society Ltd. had entered
into a tripartite joint development agreement with Hash
Buildlers Pvt Ltd (in short Hash) and Tata Housing
Development
Society Ltd.,
Hash Builders Pvt. Ltd., Chandigarh (HASH) and Tata Housing
Development Company Ltd. (THDC). Under the JDA, it was
agreed that HASH and THDC ... society. The agreed consideration was to be
disbursed by THDC through HASH to each individual member
of the society, and differ ent am ounts
village Kansal and had entered
into an agreement with TATA and HASH for sale of land), had
received Rs. 32 Lacs as consideration ... land in the return of
income originally filed and the correct value of capital gain had
not been declared. As the full value of consideration
erred in confirming the
addition on the basis of estimated value of flat at Rs.
1,01,25000/- when the land belongs to the appellant ... acres to M/s Tata Housing
Development Company Ltd. and or Hash Builders Pvt Ltd.
therefore, notice u/s 148 was issued.
5 Since originally
