K.V. Satish Babu [HUF] v. ITO (2023) 201 ITD 876(Bang)(Trib)

S. 45 : Capital gains-Agricultural land-Joint development agreement-Licence to enter property for purpose of carrying out development-Capital gain offered in the year 2013-14-Assessing the capital gain in the year 2011-12 was deleted. [S. 2(47)(v), 48, Transfer of Property Act, 1882, S. 53A]

Held that the  assessee entered into a joint development agreement with a developer vide registered agreement dated 16-9-2010 in respect of agricultural land for formation of sites and received certain amount, since joint development agreement regarding possession clearly stated that what was given was not possession contemplated under section 53A of Transfer of Property Act and that it was merely a license to enter property for purpose of carrying out development, invocation of provisions of section 2(47)(v) on basis of joint development agreement was not proper. The assessee rightly offered the capital gains tax in the assessment year 2013-14. (AY. 2011-12)