Composite GST notices, mandatory limitation, and same-subject bar: HC upheld valid notices but quashed overlapping proceedings and unauthorised withho...
A registered joint development agreement was treated as not effecting an immediate transfer for capital gains where no consideration was paid on execution and the assessee's right was only to a future 50% share in the constructed area. The arrangement was viewed as enabling the developer to obtain approvals, licences and finance, not as a transfer under part performance. On that basis, long-term capital gains were not taxable in the year of execution; the assessment was quashed, subject to verification of the year in which the share was actually offered to tax.
A registered joint development agreement was treated as not effecting an immediate transfer for capital gains where no consideration was paid on execution and the assessee's right was only to a future 50% share in the constructed area. The arrangement was viewed as enabling the developer to obtain approvals, licences and finance, not as a transfer under part performance. On that basis, long-term capital gains were not taxable in the year of execution; the assessment was quashed, subject to verification of the year in which the share was actually offered to tax.
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