https://www.taxtmi.com/caselaws?id=239391 The Tribunal upheld the lower authorities' orders, confirming the taxability of the entire consideration, including the value of flats, in the year of transfer under Section 45 of the Income Tax Act. It found that the Joint Development Agreement and Power of Attorney constituted a transfer of substantial rights to the developer, rejecting the assessee's arguments. The Tribunal also upheld the valuation of flats at Rs. 4,500 per sq. ft. and deemed the initiation of penalty proceedings premature, dismissing the challenge. en-us Fri, 23 Aug 2013 00:00:00 +0530 Wed, 13 Nov 2013 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239391 The Tribunal upheld the lower authorities' orders, confirming the taxability of the entire consideration, including the value of flats, in the year of transfer under Section 45 of the Income Tax Act. It found that the Joint Development Agreement and Power of Attorney constituted a transfer of substantial rights to the developer, rejecting the assessee's arguments. The Tribunal also upheld the valuation of flats at Rs. 4,500 per sq. ft. and deemed the initiation of penalty proceedings premature, dismissing the challenge. Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239391