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2016 (4) TMI 1129 - AT - Income TaxValuation of the capital gain - joint development agreement - adoption of FMV/asset as deemed consideration or cost of the construction - Held that:- Because at the time of signing JDA the capital gain has to be computed only on the guidance value of the land. Even otherwise, if any capital gains to be accrued in future in favour of assessee after receiving the possession of the property. Certainly that would also be subject to capital gains. Therefore, in our final conclusion valuation of the capital gain should be appropriate to adopt the FMV/asset as deemed consideration, but not cost of the construction. - Decided against revenue
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