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2012 (6) TMI 380 - ITAT AHMEDABADShort term capital gain on sale of land - development agreement - deleting the addition by CIT(A) - Held that:- When possession has been allowed of any immovable property in part performance of a contract, then it amounts to transfer of capital asset - as the possession has been given by the assessee to the developer in the present year, contract has been entered into with the developer as per which price had been fixed and almost entire payment was also received by the assessee all the requirements of Section 2(47)(v) of Income tax Act, 1961 as well as Section 53A of Transfer of Property Act are fulfilled - as the property in question had been transferred by the assessee in the present year itself so, the capital gain tax is payable by the assessee in the present year itself for the entire property - order of Ld. CIT(A) is not sustainable - in favour of revenue.
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