No Capital Gain arises if Permissive Possession Not handed Over to Builder during Concerned Year in case of JDA

A. R. Prasad Vs ITO (ITAT Bangalore) The issue under consideration is whether the capital gain will be chargeable in case of JDA even if Permissive possession was not handed over to builder during the concerned year? ITAT states that, the possession is handed over to the builder only for limited purpose to enter upon the property for the purpose of implementation of JDA. In the present case, such permission to enter the scheduled property is granted subject to completion of certain conditions i.e. on approval of the plan and grant of licence for construction of the buildings from BBMP and/or f...