Tax on Giving up of rights on flats in favour of developer within 36 months of date of JDA

Sri Suresh C. Vs Dy. CIT (ITAT Bangalore) Perusal of the records shows that assessee entered into a JDA on 20-01-2013 and a supplementary agreement dt. 23-02-2004 with the developer. The share of 27 flats which were to be allotted to assessee was identified and it is shown as Item No. 2 in Schedule-B of the supplementary agreement. The admitted factual position is that the sum of Rs. 1,46,15,100/- was received as consideration of 14 flats by the assessee for giving up his rights in favour of the developer. The said sum was received within a period of three years from the date of JDA. In such c...