Capital Gain Taxable in Year of Land Possession Granted to Developer

Yalamanchili Neelima Vs ITO (ITAT Visakhapatnam) ITAT Visakhapatnam held that capital gain taxable in the year in which possession of land is granted to the developer vide the original development agreement and not in the year in which supplementary agreement is entered. Facts- The assessee is an individual entered into a Development Agreement-cum-General Power of Attorney with M/s. Lakshmi Infratech India Pvt Ltd., Hyderabad (“Developer”) registered at SRO, Mangalagiri for construction of Multistoried Residential Complex by name ‘Lakshmi’s Sreelikhitha Pride’. The assessee being the...