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2023 (1) TMI 1305 - HC - Income TaxTransfer of the capital asset - year of assessment - appellants [widow of deceased assessee] and her three children are joint owners of property entered into a JDA - transfer of capital asset u/s 2(47) - According to the Revenue, the liability to pay capital gains tax stems out of the JDA - HELD THAT:- As combined reading of Clauses 6.2, 14.1 to 14.3 and 21 makes it clear that the delivery of possession to the developer is only for the performance of development/construction. Therefore, the view taken by the A.O and the ITAT that transfer was effected in the A.Y.2009-10 and making the assessees liable for payment of capital gains tax is perverse and untenable. Appeal allowed.
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