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2018 (8) TMI 1249 - AT - Income TaxLong term Capital gain (LTCG) - transfer of property under a development agreement - assessment year in which taxable - as per the agreement developer will complete the project within 18 months and in return the developer will hand over 35% of the residential area of the project. - Held that:- So, until the project comes into existence it cannot be said that the consideration, which the assessee is to receive in terms of the development agreement exists. That being the case, in the absence of any consideration received by the assessee in the impugned assessment year the assessee cannot be subjected to long term capital gain on execution of development agreement. The assessee cannot be charged to long term capital gain in the impugned assessment year. Hence, the addition made on account of long term capital gain is deleted. - Decided in favor of assessee.
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