Year of entering into JDA would be year of taxability under Income Tax

Sruthi Riedl Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that as the parties have entered into registered Joint Development Agreement (JDA) on 04.04.2007 and the “Group of assessee” have also handed over possession to the TBPD pursuant to the agreement. Hence, transfer took place in the assessment year 2008-09. Facts- Information was received from I&CI, Hyd that the assessee along with 46 other persons had entered into a Joint Development Agreement cum General Power of attorney with M/s Trendset Jayabheri Projects LLP, Hyd for the construction of a residential and commercial pr...