Ownership, transfer and business or capital gain needs reverification in joint development agreement

Estin Tie Up Pvt. Ltd. Vs A.C.I.T. (ITAT Kolkata)

ITAT Kolkata held that ownership, transfer, and transaction resulting into profit from business or profession and capital gain in respect of joint development agreement needs more verification. Accordingly, matter remanded back for fresh adjudication.

Facts- The assessee is a private limited company engaged in the business of real estate. The return of the assessee was selected for scrutiny and order u/s 143(3) of the Act was passed wherein AO made an addition of ₹76,04,62,428/- on account of long-term cap

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