| COURT: | ITAT Bangalore |
| CORAM: | P. Madhavi Devi (JM), Pramod Kumar (AM) |
| SECTION(S): | 2(47)(v), 28, 45 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Development agreement, stock-in-trade |
| COUNSEL: | V. Srinivasan |
| DATE: | June 30, 2015 (Date of pronouncement) |
| DATE: | July 10, 2015 (Date of publication) |
| AY: | 2010-11 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Development Agreement: Tax implications of entering into a development agreement in respect of land held as stock-in-trade explained | |
What the assessee has got today is only a right to sell the 1,28,940.26 fts of constructed area in the Alexandria project and the profits, howsoever certain they may appear to be, will only fructify and be realized, and can even be quantified, only when this right is exercised- in part or in full. That stage has not yet come, and until that stage comes, such profit cannot be taxed
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