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ITAT addressed the taxability year and valuation of income arising from land exchange under Joint Development Agreement where assessee converted capital asset to stock-in-trade. The assessee received Occupancy Certificate on 21.7.2016 for completed commercial complex. ITAT's coordinate bench previously determined taxability occurs upon actual sale of building, not in assessment year 2017-18. Regarding valuation dispute at Rs. 3085.50 per sq ft, ITAT held CIT(A) lacked valuation expertise. Matter remanded to AO with directions to refer valuation to departmental valuation officer and examine the actual year of sale when assessee offered income for taxation, ensuring proper determination of taxability year and accurate valuation assessment.
ITAT addressed the taxability year and valuation of income arising from land exchange under Joint Development Agreement where assessee converted capital asset to stock-in-trade. The assessee received Occupancy Certificate on 21.7.2016 for completed commercial complex. ITAT's coordinate bench previously determined taxability occurs upon actual sale of building, not in assessment year 2017-18. Regarding valuation dispute at Rs. 3085.50 per sq ft, ITAT held CIT(A) lacked valuation expertise. Matter remanded to AO with directions to refer valuation to departmental valuation officer and examine the actual year of sale when assessee offered income for taxation, ensuring proper determination of taxability year and accurate valuation assessment.
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