Case Law Details
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 consideration, there was no question of any capital gain arising there from in such year. We, therefore, approve the view point of the ld. CIT(A) by holding that no transfer took place in the year and hence no capital gain was chargeable to tax.
FULL TEXT OF THE ORDER OF ITAT PUNE
ORDER
This appeal by the Revenue is directed against the order dated 29-01-2016 passed by the CIT(A), Pune-10, Pune in relation to the assessment year 2008-09.
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