ITAT allowed appeal and directed deletion of LTGC addition for...

ITAT allowed appeal and directed deletion of LTGC addition for A.Y. 2014-15, holding that the assessee, described in the development agreement as the "Consenting Party," did not receive any consideration under the agreement and possessed no proprietary or beneficial rights in the subject property per the purchase deed and development agreement. The Tribunal found no evidence, nor did the Revenue rebut, that any amount accrued or was received by the assessee from the stated sale consideration. Consequently, no capital gain accrued to the assessee and the Assessing Officer's addition for long-term capital gain was unsustainable and must be deleted.