Transfer of land as share of capital in AOP is taxable u/s 45(3) of Income Tax Act

DCIT Vs Ghanshyamdas J Sukhwani(HUF) (ITAT Pune)

ITAT Pune held that contribution of undivided title and rights in the land as share of capital in AOP is taxable under section 45(3) of the Income Tax Act.

Facts- The assessee is a proprietor of Vikram Constructions, engaged in the business of land development and Builder.

During the assessment proceedings, the AO observed that assessee was owner of the land at Survey No.72/2d, Hissa No.2

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