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2018 (1) TMI 843 - AT - Income TaxCapital Gains - JDA - Revision u/s 263 - as per CIT AO ought to have held that there was a transfer of a capital asset by the assessee by virtue of agreement dated 11.11.2000 and capital gain had accrued during the previous year - assessee parted with possession of the property as contemplated in Section 53A - taxability of capital gain in the present year because the JDA was executed in the present year - Held that:- Possession was given by these assessees to the builder in the present year because in the present year, the JDA talks about handing over of possession and there is no other document shown as per which, the possession was handed over to the developer in any subsequent year. This is also noted by the AO on page no. 7 of the assessment order in Para no. 9.5 that as per Rider -2 dated 02.02.2009, the parties to the JDA being these four assessees before us had renegotiated clause 13 of the JDAs dated 27.11.2008 and had received a sum of ₹ 2.5 Crores as non-refundable deposit. Since in the present case, not only JDA was executed, but possession was also handed over to the developer and non-refundable deposit was received by the assessee to the extent of ₹ 2.50 Crores, in our considered opinion, this judgment rendered in the case of CIT Vs. Dr. T.K. Dayalu (2012 (6) TMI 405 - Karnataka High Court) is squarely applicable. - Decided against assessee.
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