Permissible possession to developer is not a transfer of property

Advertisement Pankaj Enterprises Vs JCIT (ITAT Mumbai) Held that as per the agreement there was only permissible possession given to the developer and the same cannot be treated as transferred under section 2(47)(4). Facts- The assessee is a partnership firm and during relevant years shown income under various heads including “income from house property” and “income from other sources”. The assessee disclosed LTCG of ₹21,08,973/- on the sale of development rights of a plot of land. The assessee treated total sale consideration on transfer of interest in Development Agreement (DA) ...