2025 (7) TMI 1317 - SCH - Income Tax

Capital gain chargeable to income-tax - year of assessment - transfer of capital asset - HC held capital gain shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority. Omission on part of assessee and his developer to follow through after possession obtained in year 2016 in obtaining completion certificate does not give rise to any question of law HELD THAT - We are not inclined to interfere with the impugned judgment and order of the High Court; hence the Special Leave Petition is dismissed.

Summary

The Supreme Court, through Hon'ble Justices Manoj Misra and Ujjal Bhuyan, after hearing counsel, granted condonation of delay but declined to interfere with the impugned High Court judgment and order. Consequently, the Special Leave Petition was dismissed. All pending applications were disposed of.