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2018 (12) TMI 630 - ITAT MUMBAILiability to pay capital gain tax - hypothetical income - accrual of income - activity of development was not completed and assessee received nothing in lieu of execution of the development agreement - Held that:- The assessee in pursuance of execution development agreement dated 07.07.2009 received no consideration if any. In view of law mentioned above the long term/short term capital gain is liable to be assessed when the income will accrued to the assessee. It is settled law that it is the real income that is to be taxed and not the hypothetical income. Therefore, in the said circumstances of the case, the finding of the CIT(A) is not justifiable on this issue, therefore, we set aside the finding of the CIT(A) on this issue and delete the said addition. - decided in favour of assessee.
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