LTCG not Triggered Without Registered JDA & Statutory Approvals: ITAT Visakhapatnam

DCIT Vs Raja Rao Parachuri (ITAT Visakhapatnam) The present appeal filed by the revenue before the ITAT Visakhapatnam arises from the assessment order passed under Section 143(3) read with Section 147 of the Income-tax Act, 1961, for A.Y. 2013-14, and the subsequent appellate order of the CIT(A), National Faceless Appeal Centre (NFAC), Delhi. The revenue challenged the CIT(A)’s deletion of an addition of Rs. 11,26,01,500/- made by the Assessing Officer (AO) towards long-term capital gains (LTCG) on a Joint Development Agreement (JDA). The assessee had filed his return of income belatedly on ...