Tax incidence of joint development agreement and subsequent sale of flats is different

Smt. V. Kalpagam Vs ITO (ITAT Chennai) ITAT Chennai held that the incidence of tax for joint development agreement (JDA) is different and incidence of tax for subsequent sale of flats is different. Therefore, long term capital gains/ short term capital gains should be declared for the year in which the joint development agreement pertains and subsequent sale of flats pertains. Facts- The case of the assessee was selected for scrutiny and during the course of assessment proceedings, AO noticed that the assessee entered into a joint development agreement for developing the land. AO, further note...