Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 595 - MADRAS HIGH COURTDetermination of assessment year for assessability of income – AY 2008-2009 or AY 2006-2007 - Capital gains on transfer of property through joint development – Held that:- The possession of the land was handed over pursuant to the joint development agreement, in the AY 2008-09 - assessee is right in offering the capital gains for the AY 2008-09 satisfying all the conditions u/s 53A of the Transfer of Property Act - The Tribunal rightly was of the view that AO had substantively assessed the long term capital gains in the impugned AY - CIT (A) has held that it deserve to be assessed substantively in AY 2008-2009 - the Revenue has not come up in appeal in AY 2008-2009 - revenue cannot plead that capital gains will be applicable for two different AYs – the order of the Tribunal is upheld – as such no substantial question of law arises for consideration – Decided against revenue.
|