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The ITAT held that no "transfer" under section 2(47)(v) occurred in the assessment year 2010-11 because the JDA neither conferred ownership nor delivered possession or control of the land (no part performance under section 53A), and refundable interest-free deposits negated any absolute transfer; consequently the AO's deemed capital-gain assessment and resulting addition (confirmed by the CIT(A)) were deleted and the assessee's appeal allowed. The Tribunal further held receipts from sale of flats under the JDA constitute capital gains, not business income, and directed allowance of indexed cost of improvements and selling expenses; sale proceeds from plots were likewise held taxable as capital gains.
The ITAT held that no "transfer" under section 2(47)(v) occurred in the assessment year 2010-11 because the JDA neither conferred ownership nor delivered possession or control of the land (no part performance under section 53A), and refundable interest-free deposits negated any absolute transfer; consequently the AO's deemed capital-gain assessment and resulting addition (confirmed by the CIT(A)) were deleted and the assessee's appeal allowed. The Tribunal further held receipts from sale of flats under the JDA constitute capital gains, not business income, and directed allowance of indexed cost of improvements and selling expenses; sale proceeds from plots were likewise held taxable as capital gains.
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