Tax not leviable on income that will accrue post transfer of development rights

Advertisement 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. Facts- The only issue raised by the Revenue is that the learned CIT-A erred in deleting the addition mad...