Capital Gain Taxable in the year in which possession of property passed on to developer

M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad) The question raised is, in the case of ‘JDA’ transaction, at what point of time, capital gain arises. It is settled law that in the year in which the possession of the property is passed on to the developer is the year in which the provision of capital gains get attracted. FULL TEXT OF THE ITAT JUDGMENT This is assessee’s appeal for the A.Y 2010-11 against the order of the CIT (A)-6, Hyderabad, dated 5/2/2018. The assessee has raised the following grounds of appeal: “On the facts and in the circumstances of the case,...