When JDA Agreement Is Executed, Registered Later, & Eventually Cancelled — AO Must Re-examine

Amit Kumar Verma Vs ITO (ITAT Kolkata) When JDA Agreement Is Executed, Registered Later, & Eventually Cancelled — AO Must Re-examine Assessee filed return of ₹5,30,350 but AO reopened u/s 147 on receiving information of a Joint Development Agreement with Ambe Bhagwati Marketing Construction Pvt Ltd. AO treated execution/registration of JDA as “transfer” u/s 2(47)(v) r/w s.53A & assessed long-term capital gain of ₹85,52,221 in AY 2015-16 u/s 144/147. CIT(A) upheld reopening, framed an extensive discussion on JDA taxation prior to 45(5A), held that “transfer” occurred on ex...