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2016 (11) TMI 1058 - AT - Income TaxCapital gain computation - Held that:- No valid reason to interfere with the findings given by the Ld. CIT(A) that the transfer took place in the Assessment Year prior to the Assessment Year 2004-05 and capital gains arose prior to the Assessment Year 2004-05 and therefore capital gains is not assessable during the Assessment Year 2004-05. None of the findings of the Ld. CIT(A) have been rebutted by the Revenue so as to canvas that the transfer took place in the Assessment Year 2004-05. Apparently, the possession of the property has been given prior to 2004-05 i.e. in the financial year 1996-97 relevant to Assessment Year 1997-98. All the development agreements were executed during the period 10.6.1994 to 30.10.1995 for development of the party. The possession of the property has been given on 18.9.1994 to Dattani group in respect of development agreement entered into by the assessee with Dattani Group. Taking all these facts into consideration, it is apparent that the transfer took place prior to 2004-05 therefore the Ld. CIT(A) is perfectly justified in holding that no capital gains arose in Assessment Year 2004-05. Thus, we sustain the order of the Ld. CIT(A).
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