https://www.taxtmi.com/caselaws?id=361077 The Tribunal ruled in favor of the assessee, holding that the development agreements did not result in a transfer of property, thus no capital gains tax was applicable. The Tribunal also excluded the refundable deposit from the sale consideration for computing capital gains. It was determined that the conditions for invoking Section 2(47) of the Income Tax Act were not met. The Tribunal emphasized that only real income, not hypothetical income, is taxable. The issue of unexplained cash credits was remanded for further examination. en-us Wed, 23 May 2018 00:00:00 +0530 Tue, 29 May 2018 09:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361077 The Tribunal ruled in favor of the assessee, holding that the development agreements did not result in a transfer of property, thus no capital gains tax was applicable. The Tribunal also excluded the refundable deposit from the sale consideration for computing capital gains. It was determined that the conditions for invoking Section 2(47) of the Income Tax Act were not met. The Tribunal emphasized that only real income, not hypothetical income, is taxable. The issue of unexplained cash credits was remanded for further examination. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361077