ITAT held that, insofar as Himachal Pradesh Tenancy and Land...

ITAT held that, insofar as Himachal Pradesh Tenancy and Land Reforms restrictions precluded transfer to a non-Himachali, the land remained exclusively with the assessee and amounts received from M/s Homeland Buildwell Pvt. Ltd. constituted an unsecured loan in the assessee's books; the Revenue had consistently recognized that position for earlier years. The Tribunal found that the unregistered collaboration was void and possession remained with the assessee; when the assessee discharged the outstanding loan by transferring 16.50 bighas pursuant to an arbitral decree, that transfer crystallised the sale and resultant capital gain for the year relevant to 2017-18. CIT(A)'s deletion of the AO's addition was upheld and the Revenue's appeal dismissed.