Non-Completion of Project Doesn’t Nullify Land Transfer for Capital Gains: ITAT Cochin

Pulikkaparambil George Jacob Vs ITO (ITAT Cochin) The appeal by the assessee, Pulikkaparambil George Jacob, was filed before the Income Tax Appellate Tribunal (ITAT) Cochin against the order of the Commissioner of Income Tax (Appeals)-12, Bengaluru, dated 03 March 2022, which upheld the assessment under Section 143(3) read with Section 147 of the Income Tax Act, 1961 for Assessment Year 2011–12. The primary dispute concerned whether a capital gain arose to the assessee during the year on account of a joint venture agreement (JVA) for property development. The facts revealed that the assessee...