https://www.taxtmi.com/caselaws?id=237253 Capital gains were not chargeable in the relevant assessment year because the development agreement covered only development rights and the assessee was to receive 35% of the built-up area or its sale value only on later sale of the flats. No sale consideration was received during the year under review, and the assessee herself offered capital gains in later years when the flats were actually sold and consideration accrued. The Court also noted that the assessment had been framed under contradictory provisions, which supported interference with the assessment order. On these facts, the alleged transfer and accrual of capital gains were not established for that year, and deletion of the addition was upheld. en-us Mon, 16 Sep 2013 00:00:00 +0530 Mon, 23 Sep 2013 07:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237253 Capital gains were not chargeable in the relevant assessment year because the development agreement covered only development rights and the assessee was to receive 35% of the built-up area or its sale value only on later sale of the flats. No sale consideration was received during the year under review, and the assessee herself offered capital gains in later years when the flats were actually sold and consideration accrued. The Court also noted that the assessment had been framed under contradictory provisions, which supported interference with the assessment order. On these facts, the alleged transfer and accrual of capital gains were not established for that year, and deletion of the addition was upheld. Case-Laws Income Tax Mon, 16 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237253