Case Law Details
M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad)
The question raised is, in the case of ‘JDA’ transaction, at what point of time, capital gain arises. It is settled law that in the year in which the possession of the property is passed on to the developer is the year in which the provision of capital gains get attracted.
FULL TEXT OF THE ITAT JUDGMENT
This is assessee’s appeal for the A.Y 2010-11 against the order of the CIT (A)-6, Hyderabad, dated 5/2/2018. The assessee has raised the following grounds of appeal:
“On the facts and in the circumstances of the case, the order of the Id. Commissioner of Income Tax (Appeals)-6, Hyderabad, dismissing the appeal of the Appellant is perverse, illegal and unsustainable on facts and in law.
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