https://www.taxtmi.com/caselaws?id=359406 The Tribunal upheld the Pr.CIT's decision to invoke jurisdiction under section 263 of the Income Tax Act. It directed the AO to reexamine the development agreement for capital gains calculation based on the land actually transferred for development. Emphasizing the importance of accurate assessment, the Tribunal partially allowed the appeal, stressing the need for precise evaluation of market values and specific land transfer details in capital gains computations under development agreements. The judgment underscored the significance of thorough examination by tax authorities to ensure correct tax implications and prevent revenue loss. en-us Wed, 25 Apr 2018 00:00:00 +0530 Mon, 30 Apr 2018 06:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359406 The Tribunal upheld the Pr.CIT's decision to invoke jurisdiction under section 263 of the Income Tax Act. It directed the AO to reexamine the development agreement for capital gains calculation based on the land actually transferred for development. Emphasizing the importance of accurate assessment, the Tribunal partially allowed the appeal, stressing the need for precise evaluation of market values and specific land transfer details in capital gains computations under development agreements. The judgment underscored the significance of thorough examination by tax authorities to ensure correct tax implications and prevent revenue loss. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359406