{"id":54348,"date":"2025-05-19T05:57:23","date_gmt":"2025-05-19T00:27:23","guid":{"rendered":"https:\/\/itatonline.org\/digest\/k-p-mohamed-ali-v-ito-2024-bcaj-march-p-34-cochin-trib\/"},"modified":"2025-05-19T05:57:23","modified_gmt":"2025-05-19T00:27:23","slug":"k-p-mohamed-ali-v-ito-2024-bcaj-march-p-34-cochin-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/k-p-mohamed-ali-v-ito-2024-bcaj-march-p-34-cochin-trib\/","title":{"rendered":"K.P.Mohamed Ali v .ITO ( 2024) BCAJ- March \u2013 P. 34 ( Cochin )( Trib)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>Tribunal held that the assessee transferred\u00a0 62 percent of land to a developer in exchange of 38 percent of the developed area to be constructed under an unregistered joint development agreement . Transaction is liable to capital gains under section 2(47)(vi) in the year of agreement . The Tribunal also held \u00a0registration of\u00a0 a contract is not relevant for in the case of section 2(47)(v) . Tribunal held that transaction between the assessee and developer under JDA \/GPA constituted a transfer under section 2(47)(v) and was liable to capital gain in the year of entering in to the agreements . As regards quantification of capital gain , the matter was set aside to the file of the Assessing Officer with the observation that since land in question was acquired prior to I st April 2001 fair market value on that date would be considered cost of acquisition ( and further indexed under section 48 )\u00a0\u00a0 and sale consideration would be compared to stamp value on transfer date under section 50C .\u00a0 (AY. 2012 -13) ( ITA No. 1008\/ Coch \/ 2022 dt. 12 -1 -2024 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45 : Capital gains \u2013 Transfer \u2013 Development agreement \u2013 Irrevocable power of attorney \u2013 Registration of  a contract is not relevant for in the case of section 2(47)(v) &#8211; Transferred 62 percent of land to a developer in exchange of 38 percent of the developed area to be constructed under an unregistered joint development agreement \u2013 transaction is liable to capital gains under section 2(47)(vi) in the year of agreement \u2013 Matter remanded for determination of cost of acquisition .[ S. 2(47)(vi) , 48, 50C, 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-54348","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-e8A","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54348","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=54348"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54348\/revisions"}],"predecessor-version":[{"id":54349,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54348\/revisions\/54349"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=54348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=54348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=54348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}