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2017 (4) TMI 1098 - AT - Income TaxLong Term Capital Gains addition - sale consideration received on transferred land - assessee had entered into Development Agreement for land - Held that:- CIT(A) while deciding the issue and after perusing the Development Agreement entered by the assessee with City Corporation Limited, Pune has upheld the contention of the assessee that there was no transfer because assessee did not have the possession of land and therefore could not have handedover the possession. He has further given a finding that since the agreement was a Development Agreement, there was no transfer of property by way of sale and even the ingredients of “Part Performance” as per Sec.53(A) of the Transfer of Property Act cannot be said to have been attracted, so as to attract the provisions of Capital Gains tax and for the aforesaid proposition, Ld.CIT(A) had relied on the decision of the Hon’ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia Vs. Commissioner of Income Tax, (2003 (2) TMI 62 - BOMBAY High Court ) Revenue has not placed any material on record to controvert the findings of Ld.CIT(A) nor has pointed out as to why the ratio of decision rendered by Hon’ble Bombay High Court in the case of Chaturbhuj Dwarkadas (supra) cannot be applied to the facts of the present case. In view of the aforesaid facts, we find no reason to interfere with the Ld.CIT(A) and thus the grounds of Revenue are dismissed. - Decided in favour of assessee
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