Assessee entered into a joint development agreement in respect of a land owned by it.\u00a0 Assessing Officer computed capital gain on account of transfer of land of assessee under said agreement and\u00a0 made addition to income of assessee. Against the order of single judge an appeal was filed. On appeal the Court held that\u00a0 the\u00a0 Assessing Officer had not applied parameters as stipulated under section 2(14)(iii)(a) or (b) so as to determine that whether such land sold by assessee was a capital asset or not. Court also observed that the Assessing Officer has not examined that whether there was ‘transfer’ of land by assessee as per provisions of section 2(47) or not. Order of the Assessing Officer was\u00a0 set aside. Order of single judge was set aside.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 47 : Capital gains-Capital asset-Transaction not regarded as transfer-Transfer of land under joint development agreement-Order was set aside. [S. 2(14), 2(15)(iii)(a), 2(15)(iii)(b), 2(47), 246A, 264, Art. 264] <\/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-23408","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-65y","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23408","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=23408"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23408\/revisions"}],"predecessor-version":[{"id":23409,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23408\/revisions\/23409"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=23408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=23408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=23408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}