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2021 (9) TMI 128 - AT - Income TaxCapital gain computation - JDA Entered twice - first development agreement was cancelled - HELD THAT:- As earlier JDAs were not materialized, on the basis of which assessments were completed by the AO. Therefore, capital gains in AY 2013-14 in the hands of the assessee do not arise, Considering the additional evidence submitted by the assessee before us as per rule 29, it is clear that construction activity is going on, which shows that the JDA made on 29th April, 2017 is materialized - in our considered opinion, capital gains computed by the AO for the impugned AY 2013-14 is not correct and upholding the order of the CIT(A) in deleting the addition made by the AO on account of capital gains in the hands of the assessee, we dismiss the grounds raised by the revenue on this issue. JDA executed on 29th April, 2017 which was materialized and as we have decided the issue against the revenue cited “supra”, therefore, in the interest of justice give direction that AO is directed to take necessary action for determining the capital gains on impugned property in the respective year/years.
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