ITAT Pune Remands Capital Gains to AY 2011-12; Revised Computation Allowed

Popatrao Dashrathrao Suryawanshi Vs ITO (ITAT Pune) JV Transfer Took Place in AY 2011-12; ITAT Pune Allows Revised Computation and Remands Capital Gains for Correct Year The Pune Bench of the ITAT allowed the assessee’s appeal for statistical purposes for AY 2017-18, holding that the transfer of land occurred on 20.01.2011 upon execution of a registered Joint Venture agreement with possession, attracting sections 2(47)(iv)/(v). Consequently, capital gains—if any—could not be taxed in AY 2017-18. Since the land was agricultural and beyond municipal limits at the time of transfer, it was n...