Dismissing the appeal, of the Revenue the Court held that a combined reading of clauses 3.1 and 13 of the agreement showed that parties had specifically agreed that the assessee shall continue to own the entire joint development property until conveyance took place. Clause 13 was in consonance with clause 3.1. There was no material on record to show that any conveyance had taken place in the assessment year 2014-15. Unless there was material to establish that there was any conveyance, the view taken by the Assessing Officer was perverse and the view had rightly been reversed by both the Commissioner (Appeals) and the Tribunal.(AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Agreement for joint development of land-Giving power of attorney to land owner-No conveyance in year of agreement-No liability to capital gains tax in the year of development agreement.[S. 2(47)] <\/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-40966","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aEK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40966","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=40966"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40966\/revisions"}],"predecessor-version":[{"id":40967,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40966\/revisions\/40967"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=40966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=40966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=40966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}