2018 (3) TMI 1897 - ITAT CHENNAI - Income Tax

Head Note / Extract:
Long Term Capital Gain on transfer of UDS portion of land to developers through Joint Development Agreement (JDA) - year of taxability of capital gain - CIT(A) held that only gain arising from the sale of built-up area effected in the previous year alone is taxable during the year under consideration - HELD THAT:- As decided in assessee's ow case taxability of long term/short term capital gains arises only in the financial year 2006-07 relevant to the assessment year 2007-08. Since the facts of the case cited by the Ld.AR and the case of the assessee are the same we do not find it necessary to interfere with the order of the Tribunal . Accordingly we hereby hold in the case of the assessee also that the year of taxability of long term/short capital gain shall only arise in the financial year 2006-07 relevant to the assessment year 2007-08. Accordingly ground No. 2(i) raised by the Revenue is disposed off in favour of the assessee.