https://www.taxtmi.com/caselaws?id=254545 The Tribunal held that the execution of the joint development agreement constituted a transfer of land to the developer, rejecting the argument that transfer would only occur upon handing over the built-up area. The computation of Long Term Capital Gain (LTCG) was upheld based on the cost of construction incurred by the builder, dismissing the assessee's challenge. The Tribunal determined that the possession of land was divested to the developer, constituting a transfer under relevant tax and property laws. The Tribunal sided with the Revenue, setting aside the CIT (A)'s decision and affirming the Assessing Officer's computation of LTCG. en-us Mon, 01 Dec 2014 00:00:00 +0530 Thu, 25 Dec 2014 10:39:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254545 The Tribunal held that the execution of the joint development agreement constituted a transfer of land to the developer, rejecting the argument that transfer would only occur upon handing over the built-up area. The computation of Long Term Capital Gain (LTCG) was upheld based on the cost of construction incurred by the builder, dismissing the assessee's challenge. The Tribunal determined that the possession of land was divested to the developer, constituting a transfer under relevant tax and property laws. The Tribunal sided with the Revenue, setting aside the CIT (A)'s decision and affirming the Assessing Officer's computation of LTCG. Case-Laws Income Tax Mon, 01 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254545