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Land transferred at the time of execution of Development Agreement cannot be taxed in year of Sale Agreement
Case Law Details
- Case Name
- Gajanan Parshuram Khismatrao Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010–11
- Courts
- All ITAT, ITAT Mumbai
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Gajanan Parshuram Khismatrao Vs ITO (ITAT Mumbai)
ITAT Mumbai held that land was transferred to the builder/ developer at the time of execution of Development Agreement i.e. 18/01/2008 and accordingly, the same cannot be taxed in the year of agreement of sale i.e. A.Y. 2010-2011.
Facts- During the proceedings u/s. 147 of the Act, it was noticed that the immovable property has been sold for Rs.34,56,000, as against the market price of Rs.5,11,93,000, and the assessee has not offered any income under the head capital gains for taxation, since it did not file any return of income for the year und...
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