https://www.taxtmi.com/caselaws?id=307113 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the revenue's appeal. It was determined that no transfer of rights to Unitech occurred during the relevant assessment year, leading to the conclusion that the capital gains would be assessable in the year of property sale, not during the development agreement year. The Tribunal emphasized the absence of transfer of title or interest in stock in trade in the relevant year, resulting in the deletion of the addition made by the AO. en-us Thu, 16 Jun 2022 00:00:00 +0530 Sun, 19 Mar 2023 21:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307113 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the revenue's appeal. It was determined that no transfer of rights to Unitech occurred during the relevant assessment year, leading to the conclusion that the capital gains would be assessable in the year of property sale, not during the development agreement year. The Tribunal emphasized the absence of transfer of title or interest in stock in trade in the relevant year, resulting in the deletion of the addition made by the AO. Case-Laws Income Tax Thu, 16 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307113