https://www.taxtmi.com/caselaws?id=407784 A registered development agreement with handing over of possession was treated as a transfer under section 2(47)(v) of the Income-tax Act, so the related gain was sustained as short-term capital gains and not as business income, because the development activity was carried on by the developer and not by the assessee. For the later assessment year, income already brought to tax in the earlier year could not be assessed again, so the computation was restored to the Assessing Officer for fresh recomputation to avoid double taxation. The first appeal was dismissed and the second was remitted for limited recomputation. en-us Wed, 19 May 2021 00:00:00 +0530 Fri, 21 May 2021 08:30:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407784 A registered development agreement with handing over of possession was treated as a transfer under section 2(47)(v) of the Income-tax Act, so the related gain was sustained as short-term capital gains and not as business income, because the development activity was carried on by the developer and not by the assessee. For the later assessment year, income already brought to tax in the earlier year could not be assessed again, so the computation was restored to the Assessing Officer for fresh recomputation to avoid double taxation. The first appeal was dismissed and the second was remitted for limited recomputation. Case-Laws Income Tax Wed, 19 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407784