JDA May Trigger Transfer- But No Double Taxation Allowed: Karnataka HC Relief

N. G. Chandra Reddy (HUF) Vs DCIT (Karnataka High Court) The Karnataka High Court held that a Joint Development Agreement (JDA) can constitute a “transfer” under Section 2(47)(v), especially when read along with a contemporaneous GPA conferring substantial rights to the developer. However, the Court granted relief to the assessee on a crucial principle – the same income cannot be taxed twice. It noted that the assessee had already offered capital gains in subsequent years (AY 2007–08 & 2008–09) and taxes had been accepted by the department. The Court observed that although te...