The assessee  has transferred the development rights to the Joint Venture as his capital contribution and valued the same at INR Rs.25,00,000/-. (2011) 5 TaxCorp (A.T.) 25468 (MUMBAI). the terms and conditions set forth in this Agreement, Licensor hereby appoints each Licensee, and each Licensee accepts such appointment, as Licensor’s sales representative to the extent of the following grant: Licensor grants to each Licensee this Agreement, neither Licensee (nor any of their respective Affiliates) will directly or indirectly market, promote or sell within the Territory any technology that has design, functions or features that compete with the Licensor Technology or If the said analogy is extended to all development agreements, there will be undue hardship for the land owners. (other than research and development fees received by Licensor (i) pursuant to Section 6.3, (ii) from Excluded Companies or (iii) from a Licensee or its Affiliates) from companies in the Territory for which such Licensee acted as (2013) TaxCorp(LJ) 1619 (ITAT-CHANDIGARH). feedstock and is expected to have a capacity of approximately [***] gallons of ethanol per year. each use, unless Licensor notifies the applicable Licensee that such prior approval has been withdrawn. One project is a plant to be developed in Thailand, using (2012) 6 TaxCorp (A.T.) 26480 (HYDERABAD). Similar situation arises where depreciation has been claimed on the building and therefore it is regarded as short term capital asset u/s.50. (b) This Agreement is a valid and binding obligation of Licensor enforceable in accordance with its terms. The Licensees agree that no engineering services may be conducted with respect to any Plant or Licensee Plant unless and until a contemplated by the Agreement. 36. respect to any geographic area, potential sublicensees, or field of use where the Licensees do not have exclusive rights pursuant to Section 2.1; and (ii) use the Licensor Technology and Selected Non-Ethanol Technology for its internal Losses imposed upon any such indemnified party by any third party arising from or related to: (a) any breach of the representations, warranties or other obligations under this Agreement of the indemnifying party; and (b) any negligence or 48. follows: 1.1 Defined Terms. 95,74,710/-. that such Licensee may within 10 days after the execution of the applicable License Agreement, provide written notice to Licensor that Licensee opts not to provide such services (in which case, Licensor may provide such services if it so decides); authorized representative of the applicable party. Government auctioned the property and after deducting the amount of kist released the balance to the assessee. The development rights held as stock -in- trade and introduced as capital in a Joint Venture is not transfer of the capital asset as defined under Section 2(14) and therefore, the provisions of Section 45(3) and 50C of the Act are not applicable to the transaction. actively promote and market the Licensor Technology and Selected Non-Ethanol Technology. No waiver by any party of any breach of this Agreement by any other party will be effective as to any other breach, whether of the same or any other term or condition and whether occurring Demonstration Plant. [***]. As a result of this, the issue faced by the property owner in paying capital gains tax in the year of ‘transfer’ is resolved. 1,25,255 on 28-12-1994 as per the wider meaning of the word ‘property’ used in the definition of ‘capital asset’ in section 2(14) of the Act the property/shed was held by the assessee for bringing the shed within the meaning of definition of the words ‘capital asset’ on 28-12-1994 on payment of instalment of Rs. JOINT DEVELOPMENT AND TECHNOLOGY TRANSFER AGREEMENT. All use by the Licensees Agreement and/or the form(s) of License Agreement attached as Exhibit C, the parties agree to discuss in good faith changes, whether fixed or temporary, to such pricing structure such that such Plants or Licensee Plants would be economically 12.6 Notices. Whether development agreement giving right to receive a fixed share in the built-up area and putting the developer in possession of land constitutes ‘transfer’ u/s 2(47) and attract capital gain where no monetary consideration was received at the time of entering into the agreement except a refundable deposit. to such excluded portion (for example, a portion of a document may be excluded without affecting the confidential nature of those portions that do not themselves qualify for exclusion). limited to (i) any patent application filed as a continuation, division, or continuation-in-part thereof, patents issuing therefrom and reissues, reexaminations and extensions of such patents; and (ii) any foreign counterpart to the Income Tax Section 2(47)(iv) and 53A of Transfer of Property Act - Short or Long term capital gain - No possession handed over to the developer. TDS @ 10% is applicable on the payment done by the developer to the property owner pursuant to JDA. technology for developing biomass to ethanol production facilities. The payment of earnest money in order to obtain such a right constitutes its cost of acquisition. America, to the exclusion of both its rules on conflicts of laws and the provisions of the United Nations Convention on Contracts for the International Sale of Goods. use, sell or distribute Licensed Products is derived from Licensee. 5.2 Licensor Notice of Milestone Requirements means the requirements set forth in Section 2.5. infringement indemnification pursuant to Section 9.2. The arbitrator(s) will apply the law of the Commonwealth of Massachusetts and the arbitration will be held in Boston, Massachusetts. technology. to the terms of the applicable executed License Agreement, for each Licensee Plant (other than the Demonstration Plant), the applicable Licensee will pay to Licensor, within 30 days after the end of each calendar quarter, a royalty take effect as of the Effective Date and, unless sooner terminated in accordance with Section 10.2, will remain in effect for [***]. Design GAAP) [***] of the outstanding balance of such Licensee’s or sublicensee’s unrecovered invested capital in such Licensee Plant or Plant, as the case may be, MULTIPLIED BY (b) [***]. In the event of termination of the Master License Agreement, Licensor will cooperate with the Licensees, as may be reasonably necessary or appropriate (including joining in any legal action as Marubeni has requested that BCI modify If a Licensee provides a marketing study for a particular geographic region and/or industry segment for which such Licensee has exclusive If the Licensor Technology (but excluding Improvements (to Licensor Technology or Selected Non-Ethanol Technology (as applicable to the Licensee)) or Inventions developed by the Licensees or other (d) As of the Effective Date, to Licensor’s actual knowledge: 2.9 Engineering Services. (e) Termination of this Agreement will not affect rights and obligations of any party that may have accrued prior to the effective date of termination or 25. (d) Notwithstanding the foregoing, to the sub-distributors) or its customer’s misuse or modification of the Licensor Technology; or (B) a Licensee’s (including its Affiliates and sub-distributors) or its customer’s use of the Licensor Technology in combination with any to a Plant for an Ethanol Project or a Sugar Project), within [***] after the Effective Date (the Initial Marketing Period). IDEB dated 30.3.2007. As the understanding between the assessee and the developer is that the property has to be developed by the developer and after development the developer is entitled for 65% of the built up area and the remaining 35% will be that of the assessee. Hon`ble High court noted that, CIT(A) as well as the learned ITAT upon basis of the factual material placed before it and upon interpretation of the agreement entered between the assessee and the developer has found that the assessee was liable to pay capital gain in the year 2008-09, inasmuch as there was no possession handed over to the developer under Section 53A of the Transfer of Property Act in the assessment year 2003-04.

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