Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of ITAT affirmed the CIT(A)'s deletion of the addition, holding that the assessee acted solely as representative/agent of its members and did not derive the development consideration; the assessee received only a refundable deposit. On construction of the registered development agreement, the tribunal found the agreed consideration was payable to individual members who retained ownership of their flats, thereby precluding taxation of the society as transferee under s.2(47)(v) read with s.50C. Consequentially, short-term capital gains attributable to the redevelopment accrued to the individual members, not the assessee, and the revenue's assessment was set aside.
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