TMI Blog2014 (8) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... s. D.K.Dayal [2012 (6) TMI 405 - KARNATAKA HIGH COURT], after noticing the case law on the point, has held that the date on which possession was handed over to the developer is relevant and therefore, the capital gain tax is payable for the assessment year in which the possession was handed over in terms of the joint development agreement. Therefore, on mere entering into a joint development agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ON'BLE MRS. JUSTICE RATHNAKALA JUDGMENT This is a revenue s appeal against the order passed by the Tribunal. 2. The substantial question of law which arises for consideration in this appeal is as under: Whether the Tribunal was correct in holding that capital gains tax would arise in the assessment year 1995-96 when the development agreement was entered into by the assessee wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conveying the title. 4. In the instant case, the authorities have held that the capital gain tax is payable in the assessment year 1995-96 when the joint development agreement was entered into by the assessee with the developer for transfer of 66% interest in an undivided immovable property and possession of the land was handed over and not when the built up area was completed and handed over t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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