Case Law Details
Case Name : CIT Vs. Balbir Singh Maini (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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CIT Vs. Balbir Singh Maini (Supreme Court of India)
Capital gain arising under a Joint Development Agreement (JDA) which never materialized for want of necessary permissions was nothing but a hypothetical income and the same could not, therefore, be taxed under section 45 read with section 48.
In the facts of the present case, it is clear that the income from capital gain on a transaction which never materialized is, at best, a hypothetical income. It is admitted that, for want of permissions, the entire transaction of development envisaged in the JDA fell through. In point of fact, income d...
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KINDLY GIVE JUDGEMENT ON JDA DELIVERED BY MUMBAI HIGH COURT