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Tax Liability on Capital Gains Arises in Year of Possession, Not Occupancy Certificate
Case Law Details
- Case Name
- Sri Alagappa Muthiah (HUF) Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Sri Alagappa Muthiah (HUF) Vs DCIT (ITAT Bangalore)
Conclusion: Liability to capital gains had not arisen in the assessment year 2017-18 as occupancy certificate was received on 01/02/2017 for commercial portion and 17/03/2017 for residential portion but in the assessment year 2018-19 on receipt of possession.
Held: Assessee-HUF co-owned 6 acres 23.2 guntas of land in Hebbal Village had entered into a Development Agreement, resulting in the development of his property into commercial and residential units, including the entire commercial unit and 6 apartments. Assessee acknow...
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