Conditional Possession under JDA is NOT Transfer – Capital Gain Tax in AY 2016-17 Deleted; Taxable Only in AY 2019-20

Naveen Kumar Musinipally Vs ADIT (ITAT Hyderabad) Assessee is a non-resident Indian who entered into a Joint Development Agreement (JDA) cum GPA on 30.12.2015 with M/s Giridhari Homes Pvt. Ltd. for development of land, agreeing to share built-up area in the ratio 47:53. AO invoked section 153C based on seized material from search on a third party &  computed long term capital gains of ₹5.73 crore in AY 2016-17, treating JDA as “transfer” u/s 2(47)(v) r.w.s. 53A. AO adopted SRO value &  denied exemption u/s 54F. CIT(A) upheld jurisdiction &  capital gains for AY 2016-17 but...