Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
ITAT allowed the appeal for statistical purposes, remanding the case to the AO to verify whether the assessee claimed asset acquisition costs as "application of income" in current or prior years. The Tribunal held that depreciation disallowance under Section 11(6) is permissible only if asset acquisition costs were previously claimed as income application. Based on the assessee's Chartered Accountant certificate and record verification, the Tribunal directed the AO to conduct a comprehensive review and provide relief if no prior income application claim is found, ensuring procedural fairness and compliance with statutory provisions.
ITAT allowed the appeal for statistical purposes, remanding the case to the AO to verify whether the assessee claimed asset acquisition costs as "application of income" in current or prior years. The Tribunal held that depreciation disallowance under Section 11(6) is permissible only if asset acquisition costs were previously claimed as income application. Based on the assessee's Chartered Accountant certificate and record verification, the Tribunal directed the AO to conduct a comprehensive review and provide relief if no prior income application claim is found, ensuring procedural fairness and compliance with statutory provisions.
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