https://www.taxtmi.com/caselaws?id=411783 The ITAT dismissed the Revenue's appeals and upheld the CIT(A)'s decision to delete the capital gains addition. The ITAT found that there was lack of development and materialization of the Joint Development Agreement executed in 2017, supporting the absence of taxable capital gains for the assessment year. The ITAT directed the AO to reassess the capital gains without limitation under section 150, based on multiple JDAs, cancellations, and fresh agreements, with the latest JDA showing ongoing construction activity. en-us Tue, 24 Aug 2021 00:00:00 +0530 Fri, 03 Sep 2021 09:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411783 The ITAT dismissed the Revenue's appeals and upheld the CIT(A)'s decision to delete the capital gains addition. The ITAT found that there was lack of development and materialization of the Joint Development Agreement executed in 2017, supporting the absence of taxable capital gains for the assessment year. The ITAT directed the AO to reassess the capital gains without limitation under section 150, based on multiple JDAs, cancellations, and fresh agreements, with the latest JDA showing ongoing construction activity. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411783