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2018 (2) TMI 1761 - AT - Income TaxReopening of an assessment u/s 147 - capital gains arising out of entering into Joint Development Agreement - the AO held that there is ‘transfer’ within the meaning of section 2(47) and assessed to Capital gains by adopting cost of construction of the share of built up area as a consideration and computed short term capital gains and brought to tax. - AO denied the benefit u/s 54F Held that:- In the present case, the assessee never produced this agreement of sale before the Assessing Officer. Therefore genuineness of the agreement is not beyond doubt. Furthermore mere perusal of the agreement of sale placed at page 30 of the paper book, it is clear full consideration has not been paid. Therefore the agreement of sale cannot be considered for the purpose of reckoning the holding period. The only date which can be considered is the date of registration of sale deed that is 5/12/2005. Therefore, gains arising out of entering into joint development agreement are assessable as ‘short term capital gain’. Hence, short term capital gains are not eligible for exemption u/s 54D of the Act. Therefore we uphold the order the lower authorities. Decided against the assessee.
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