https://www.taxtmi.com/caselaws?id=402817 Delay in filing the first appeal was condoned on reasonable cause after the assessee showed it was abroad when the assessment order was served. On merits, long-term capital gains from the joint development agreement were treated as arising when the agreement was executed and possession was handed over to the developer. Applying section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, the later allocation arrangement was held not to postpone taxability. The gains were therefore taxable in assessment year 2007-08, not 2014-15, and the additions for the impugned year were deleted. en-us Fri, 08 Jan 2021 00:00:00 +0530 Wed, 13 Jan 2021 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402817 Delay in filing the first appeal was condoned on reasonable cause after the assessee showed it was abroad when the assessment order was served. On merits, long-term capital gains from the joint development agreement were treated as arising when the agreement was executed and possession was handed over to the developer. Applying section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, the later allocation arrangement was held not to postpone taxability. The gains were therefore taxable in assessment year 2007-08, not 2014-15, and the additions for the impugned year were deleted. Case-Laws Income Tax Fri, 08 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402817