https://www.taxtmi.com/highlights?id=79018 The Appellate Tribunal addressed the issue of Long Term Capital Gains arising from a joint development agreement. The question was whether the capital gain tax should be levied for A.Y. 2012-13 or 2015-16. It was held that the transfer does not occur merely upon entering the agreement; rather, it happens when the parties act in accordance with its terms. As the developer began activities after obtaining the plan sanction for A.Y. 2014-15 relevant to 2015-16, the capital gain was rightly computed for the latter year. The Assessing Officer erred in computing the gain for the earlier year, and the CIT(A) upheld this error. Consequently, the Tribunal directed the AO to delete the addition for A.Y. 2012-13, ruling in favor of the assessee. en-us Tue, 02 Jul 2024 07:51:23 +0530 Tue, 02 Jul 2024 07:51:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79018 The Appellate Tribunal addressed the issue of Long Term Capital Gains arising from a joint development agreement. The question was whether the capital gain tax should be levied for A.Y. 2012-13 or 2015-16. It was held that the transfer does not occur merely upon entering the agreement; rather, it happens when the parties act in accordance with its terms. As the developer began activities after obtaining the plan sanction for A.Y. 2014-15 relevant to 2015-16, the capital gain was rightly computed for the latter year. The Assessing Officer erred in computing the gain for the earlier year, and the CIT(A) upheld this error. Consequently, the Tribunal directed the AO to delete the addition for A.Y. 2012-13, ruling in favor of the assessee. Highlights Income Tax Tue, 02 Jul 2024 07:51:23 +0530 https://www.taxtmi.com/highlights?id=79018