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2018 (6) TMI 608 - AT - Income TaxIncome from sale of property - Transfer of property u/s 2(47) - joint development agreement and hand over possession to the developer - business income or short term capital gains - Held that:- There can be no transfer without registering the document signifying the transfer following the judgement in case of CIT vs. Balbir Singh Maini [2017 (10) TMI 323 - SUPREME COURT OF INDIA] - lower authorities was considering assessee’s case they did not have the benefit of the judgment of Hon’ble Apex Court in the case of Balbir Singh Maini (Supra) - thus unless and until a careful examination of the joint development agreement entered with the M/s. S&S Scapes Pvt. Ltd is made and compared with the joint development agreement considered in the case of Balbir Singh Maini (supra), we are of the opinion that the question whether any income arose to the assessee, cannot be addressed - hence we set aside the orders of the lower authorities and remit the issue back to AO for consideration - Revenue appeal allowed for statistical purpose.
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