Tribunal held that the assessee is civil contractor and income earned from the project has been assessed as business income and development rights were held as\u00a0 business\u00a0 assets . Accordingly the term transfer as defined in S.2(47)(v) would not apply since the said section is applicable only in case of capital asset held by the assesee.\u00a0 The Tribunal also held that the terms of joint venture agreement only part income accrued to the assesssee on the execution of the project agreement . The balance consideration was a conditional receipt and will accrue only in obligation under the agreement. It\u00a0 is evidenced that the\u00a0 details furnished that the payments received in subsequent years have already been offered to tax . Appeal of the revenue is dismissed . ( ITA No. 5851\/Mum\/ 2018 dt . 6-7 2020 ) (AY. 2009 -10)<\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S.45: Capital gains \u2013 Development rights \u2013 Business assets -Accrual of income – Provisions of Section 2(47) r.w.s 53A of the Transfer of property Act 1882 are not applicable to transfer of development rights held by assessee as business assets [ S. 2(47)(v),44AD, 145 , Transfer of Property Act , 1882 , S.53A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14542","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3My","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14542"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14542\/revisions"}],"predecessor-version":[{"id":14543,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14542\/revisions\/14543"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}