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Development agreement for land development does not result in transfer u/s 2(47)(v) of the Act, and no capital gain is chargeable in the year of agreement; capital gain is taxable in the year when constructed area is given to the assessee. Addition of rental income accepted as income from house property. Loan received from daughter substantiated; loan from wife accepted considering negligible amount and spousal relationship. Unexplained addition of Rs. 90,237/- considered taxable; relief of Rs. 2,75,188/- granted. Cross-objection partly allowed.
Development agreement for land development does not result in transfer u/s 2(47)(v) of the Act, and no capital gain is chargeable in the year of agreement; capital gain is taxable in the year when constructed area is given to the assessee. Addition of rental income accepted as income from house property. Loan received from daughter substantiated; loan from wife accepted considering negligible amount and spousal relationship. Unexplained addition of Rs. 90,237/- considered taxable; relief of Rs. 2,75,188/- granted. Cross-objection partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
