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Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
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A joint development agreement alone does not trigger a transfer for capital gains purposes where possession is handed to the developer only for carrying out development and no consideration has been received or accrued to the landowner. The tribunal applied prior appellate and high court authorities to conclude that in the absence of consideration or possession transferred in the manner required to create equitable title, there is no accrual of capital gains in the year of the JDA; accordingly, no taxable capital gains arose for the year under consideration and the appeal was decided for the assessee.
A joint development agreement alone does not trigger a transfer for capital gains purposes where possession is handed to the developer only for carrying out development and no consideration has been received or accrued to the landowner. The tribunal applied prior appellate and high court authorities to conclude that in the absence of consideration or possession transferred in the manner required to create equitable title, there is no accrual of capital gains in the year of the JDA; accordingly, no taxable capital gains arose for the year under consideration and the appeal was decided for the assessee.
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