https://www.taxtmi.com/caselaws?id=754862 ITAT Hyderabad held that LTCG arising from joint development agreement should be taxed in A.Y. 2015-16 rather than A.Y. 2012-13. The tribunal ruled that mere signing of agreement does not constitute transfer; actual development activities must commence. Since developer obtained plan sanction and began construction in A.Y. 2014-15, capital gains were properly computed for A.Y. 2015-16. The AO erred in computing gains for A.Y. 2012-13 when assessee had already paid tax for correct assessment year. CIT(A) order set aside, addition deleted. Appeal allowed. en-us Tue, 18 Jun 2024 00:00:00 +0530 Tue, 02 Jul 2024 07:51:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754862 ITAT Hyderabad held that LTCG arising from joint development agreement should be taxed in A.Y. 2015-16 rather than A.Y. 2012-13. The tribunal ruled that mere signing of agreement does not constitute transfer; actual development activities must commence. Since developer obtained plan sanction and began construction in A.Y. 2014-15, capital gains were properly computed for A.Y. 2015-16. The AO erred in computing gains for A.Y. 2012-13 when assessee had already paid tax for correct assessment year. CIT(A) order set aside, addition deleted. Appeal allowed. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754862