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Case Law Details

Case Name : ITO Vs Pacifica Developers Pvt Ltd (ITAT Ahemdabad)
Related Assessment Year : 2013-14
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ITO Vs Pacifica Developers Pvt Ltd (ITAT Ahemdabad)

ITAT Ahmedabad held that as the ownership of the land on which development rights were conferred remain vested with the landowners hence the assessee did not get the right over the income as per accrual accounting system as provided under the provisions of section 145 of the Act. Therefore, the assessee cannot be made subject to tax on the reasoning that the income has accrued to it upon the transfer of development rights.

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