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Year of taxability on Transfer of land pursuant to development agreement
Case Law Details
- Case Name
- K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Hyderabad
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K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad)
The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully developed condition, whereas few like assessee retained the flats as such. Therefore, assessee did hand over the possession of the land and provisions of section 2(47) of Income Tax Act, 1961 regarding transfer certainly get attracted because there was part performance of the contrac...
IMPROMPTU
“…5.2. With reference to new provisions introduced in Section 45(5A), it was the submission that the provision is applicable w.e.f. 01-04-2018. Therefore, the same cannot be made applicable for the impugned assessment year as it was not clarificatory provision but a substantive provision introduced for the first time.”
Contrary to the impression given OR likely to be gathered, this is matter in which, for want of any clarity, right from the day of the enactment – of sec 45 (5A) – the ball of controversy has been kicked, and started rolling .
For MORE look up the host of material giving coverage, available in public domain, on a diligent search, if so interested/ inquisitive to KNOW !