| COURT: | ITAT Mumbai |
| CORAM: | B. R. Baskaran (AM), Vivek Varma (JM) |
| SECTION(S): | 2(47)(v), 2(47)(vi) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | capital gains, Development agreement, transfer |
| COUNSEL: | Vimal Punamiya |
| DATE: | November 14, 2014 (Date of pronouncement) |
| DATE: | November 17, 2014 (Date of publication) |
| AY: | 2001-02 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 2(47((v)/(vi): Mere execution of a development agreement does not result in a "transfer" if the approval of the municality is delayed and the developer has not started work | |
The assessee had received advance amounts much earlier to the execution of development agreement, probably on the strength of the MOU. The property was encumbered with tenancy rights of many persons and the release of tenancy right was completed only …
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