Dismissing the appeal of the revenue the Court held that in absence of registration of joint development agreement, agreement did not fall under section 53A of Transfer of Property Act, 1882 and, consequently, section 2(47)(v) did not apply. Accordingly not liable to capital gains tax. (AY. 2007 -08)
P CIT v. Chuni Lal Bhagat. (2019) 103 taxmnn.com 378 /262 Taxman 210 (P & H) (HC) Editorial: SLP of revenue is dismissed, PCIT v. Chuni Lal Bhagat. (2019) 262 Taxman 209 (SC)
S. 45 : Capital gains-Transfer-Joint Development agreement (JDA)-In the absence of registration agreement did not fall under S.53A of the transfer of property Act–Not liable to capital gains tax [S. 2(47)(v) Transfer of Property Act, 1882 S. 53A]