Developer holding ownership of property liable to pay capital gain tax: ITAT Mumbai

ITO Vs Laxmi Realty and Advisory Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that as ownership of property lies with the developer on the day of ‘agreement of sale’, sale consideration is taxable under capital gains in the hand of developer and not in the hands of assessee. Facts- The case of the assessee was selected for scrutiny under CASS, in which the reasons involved low capital gains in respect to sale consideration and that the sale consideration reported in the ITR was lower than the figure reported in the AIR statement. AO is accordingly noted to have called for the details of the pr...