Capital gain on a transaction which never materialized cannot be taxed

ITO Vs Amit Murlidhar Kamthe (ITAT Pune)

Firstly, no possession was given to the developer under the JDA as an owner. Secondly, a part of the land at the material time in 2008 vested in the Government of Maharashtra. Thirdly, the transaction admittedly fell through and a part of the land was eventually sold to M/s Akash Erectors Pvt. Ltd. in 2010 and the remaining part to the `final buyers’ in the year 2013, all the parties being at arm’s length. If the transfer did not take place in the assessment year 2008-09 under con

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