The assessee entered in to joint development agreement with developer . The AO held that the assessee is liable to capital gains by invoking section 2(47)(v ) of the Act . On appeal the CIT(A) deleted the addition. On appeal by the Revenue the Tribunal affirmed the order of the CIT(A). Referred ITO v. Balbir Singh Maini ( 2017) 398 ITR 531 ( SC) Dr. Krishna Prasad Mikkilmeni v .DCIT , ITA No 929/ Bang/ 2018 dt . 31 -1 -2022 (Bang) Trib)( ITA No. 1624/ Bang / 19 dt . 15 -3 . 2022 ( AY. 2014 -15 )
DCIT v. Sri Sai Lakshmi Industries Pvt Ltd ( 2023) The Chamber’s Journal – January P. 90( Bang )( Trib )
S. 45 : Capital gains -Transfer – Developer –Joint development agreement – Part performance – Only licence was granted to the developer- Not liable to be assessed as capital gains [S. 2(47)(v), Transfer of Property Act , S.53A ]