Case Law Details
Case Name : Binjusaria Properties Pvt. Ltd Vs ACIT (ITAT Hyderabad)
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Hyderabad
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CA Sandeep Kanoi
It is an undisputed fact that as on date, there was no developmental activity on the land which is subject matter of development agreement. The process of construction has not been even initiated and no approval for the construction of the building is obtained. Thus, the sale consideration in the form of developed area has not been received. Mere receipt of refundable deposit cannot be termed as receipt of consideration. Further, as submitted , the Assessing Officer calculated the capital gain on the entire land, even though the assessee has retained 38% share to itself. The v...
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If Andhra Pradesh High Court already given a contrary verdict, what is the legal effect of this prior ruling of ITAT??