P&H: Disposes income tax appeal on basis of earlier ruling in C.S. Atwal case
The Punjab and Haryana High Court has disposed of an income tax appeal filed by M/s Surjeet Kaur Dalam, holding that the controversy was already covered by its earlier decision in C.S. Atwal v. Commissioner of Income Tax, Ludhiana and another.
The case concerned a Joint Development Agreement dated 25 February 2007 entered into by a cooperative housing society with developers. The appellant, widow of a society member, was entitled under the agreement to monetary consideration and a flat. The tax department treated the arrangement as a transfer and assessed capital gains for assessment year 2007-08.
The assessee challenged the...
