Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 705 - AT - Income TaxCapital gain tax liability - unregistered development agreement for development of property - The power and control of land was conferred on the builder/developer under GPA - whether no transfer arise giving rise to any transfer of right u/s.53A of the Transfer of Property Act? - Held that:- The undisputed facts are that the agreement dated 15.1.2007 with the builder M/s. Odyssa Home & Commercials (P) Ltd., for construction and sale of 9 dwelling units by the assessee on his land situated at Plot No.137/A, Surya Nagar, Bhubaneswar was not registered. In view of the decision of Hon’ble Supreme Court in the case of CS Atwal [2017 (10) TMI 323 - SUPREME COURT OF INDIA] the same would not amount to transfer u/s.53A of the Transfer of Property Act, 1882 and consequently cannot be a transfer within the meaning of section 2(47)(v) of the Act. Thus, there cannot be any capital gains in the hands of the assessee which can be brought to tax during the year under consideration - Addition to be deleted. - Decided in favour of assessee.
|