General Power of Attorney cannot be treated as JDA for taxing capital gains

Smt. Neha Jain Vs ITO (ITAT Hyderabad) The appeal before the Income Tax Appellate Tribunal Hyderabad concerned reassessment proceedings for Assessment Year 2016–17 and an addition sustained on the basis of an alleged Joint Development Agreement (JDA). The assessee had filed her return declaring income of ₹3,05,700. The case was reopened under section 147 on the premise that capital gains arising from a JDA valued at ₹1,76,00,000 had not been offered to tax. The Assessing Officer completed reassessment under sections 147 read with 144B and made an addition of ₹1,76,00,000 under section ...