Capital Gains on JDA Taxable in Completion Certificate Year, Section 54/54F Relief Allowed: ITAT Bangalore

Keshava Reddy Vs DCIT (ITAT Bangalore) Material Facts The assessee filed four appeals for Assessment Years 2014-15, 2018-19, 2019-20 and 2020-21 concerning taxability of income arising from a Joint Development Agreement (JDA) entered into with M/s Ecstasy Projects Pvt. Ltd. for development of land into a residential project. Under the JDA, the assessee received 44 flats upon completion of the project. During the relevant years, the assessee sold one flat in AY 2018-19 and 38 flats in AY 2019-20, while five flats remained unsold. Following a search under Section 132, assessments were made under...