Capital gains timing under a development agreement left open after remand for review of evidence and contract terms.

Capital gains timing under a development agreement depended on whether tax was attracted in the year of execution or only when possession of the constructed flat was received. The tribunal did not decide the merits on taxability; it set aside the matter and remanded it to the Assessing Officer for fresh decision after examining the evidence and the agreement terms.

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Issues: Whether capital gains tax was exigible in the year of execution of the development agreement or in the year when possession of the constructed flat was received.

Outcome: The matter was set aside and remanded to the Assessing Officer for fresh decision after examination of the evidence and agreement terms.

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