https://www.taxtmi.com/caselaws?id=326532 The Tribunal allowed the appeals filed by the assessees and dismissed those of the revenue. It held that the capital gain arising from the development agreement was not taxable in AY 2007-08 but in AY 2003-04, based on the interpretation of the term "transfer" under sec. 2(47) of the Income Tax Act and the legal precedent set by the Hon'ble Bombay High Court. The Tribunal emphasized that the taxability of capital gains must be considered in the year of the agreement, aligning with the High Court's interpretation and setting aside the assessment made for the former year. en-us Wed, 02 Mar 2016 00:00:00 +0530 Mon, 18 Apr 2016 08:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326532 The Tribunal allowed the appeals filed by the assessees and dismissed those of the revenue. It held that the capital gain arising from the development agreement was not taxable in AY 2007-08 but in AY 2003-04, based on the interpretation of the term "transfer" under sec. 2(47) of the Income Tax Act and the legal precedent set by the Hon'ble Bombay High Court. The Tribunal emphasized that the taxability of capital gains must be considered in the year of the agreement, aligning with the High Court's interpretation and setting aside the assessment made for the former year. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326532