Capital gain when assessee given developer possession & permission to construct property

Advertisement Adinarayana Reddy Kummeta Vs ACIT (ITAT Hyderabad)  As far as the issue of bringing to tax the capital gains during the year, it was the contention of assessee that possession was not given and assessee retained possession of the property thereby the capital gains arises in the year in which the new flats were handed over. Ld. Counsel in his arguments, elaborately read out various portions of the agreement to substantiate assessee’s claim, whereas the Ld.DR relied on various other clauses to state that possession was handed over. As far as the development agreement is conc...