Execution of Joint Development Agreement doesn’t constitute transfer of capital asset

Devi Dayal Vs ITO (ITAT Chandigarh) ITAT Chandigarh held that execution of Joint Development Agreement [JDA] doesn’t constitute transfer of capital asset which would result in earning of capital gain. Accordingly, addition is deleted and appeal is allowed. Facts- The assessee is in appeal against the order of ld. Commissioner of Income Tax (Appeals) dated 18.05.2024 passed for assessment year 2008-09. The solitary issue before us is whether on entrance of a Joint Development Agreement, would it be construed that assessee has transferred his capital rights in the land which would result in an...