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2022 (2) TMI 480 - AT - Income TaxLong term capital gain - JDA agreement - permissive possession v/s legal possession - Transfer of capital asset u/s 2(47) - assessee along with other co-owners has entered into Joint Development Agreement (JDA) for development of land belonging to them - assessee contended that he has not handed over the possession of the property as per the joint development agreementHELD THAT:- The assessee has given only permissive possession and not legal possession. Accordingly, following the said decision of M/S. ANUGRAHA SHELTERS (P) LTD. VERSUS DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE-11 (1) BANGALORE [2021 (12) TMI 589 - ITAT BANGALORE] we hold that the transfer has not taken place during the year under consideration. Accordingly, capital gain is not assessable in the hands of the assessee during the year under consideration. Decided in favour of assessee.
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