Permissive Entry Under JDA Is Not Transfer Under Section 2(47)(v): ITAT Bangalore

K.V. Satish Babu [HUF] Vs ITO (ITAT Bangalore) The ITAT Bangalore considered whether execution of a Joint Development Agreement (JDA) dated 16.09.2010 resulted in a transfer under Section 2(47)(v) of the Income-tax Act, 1961 read with Section 53A of the Transfer of Property Act, 1882, thereby attracting capital gains tax in AY 2011-12. The assessee contended that the land remained agricultural until its conversion on 03.12.2012, possession was handed over only on 20.12.2012, and the capital gains were accordingly offered to tax in AY 2013-14. The Revenue treated the date of the JDA as the date...