https://www.taxtmi.com/css/info/rss_sitemap/rss_feed.css?v=1746094055 https://www.taxtmi.com Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services Tax Management India. Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. One stop solution for Direct Taxes and Indirect Taxes https://www.taxtmi.com/caselaws?id=755959 https://www.taxtmi.com/caselaws?id=755959 LTCG in respect of development agreement entered for development of land - HELD THAT:- We find that the matter is already covered by the Hon ble ITAT, Nagpur Bench, in case of Shri Ajay Trivedi [ 2024 (2) TMI 1403 - ITAT NAGPUR] holding that there is no transfer u/s. 2(47)(v) of the Act and no capital gain is chargeable thereon in the year under consideration - we absolutely find no compelling reason to differ with the decision taken in the case of the brothers who were also the co-signatories to the joint development agreement as held as per the said agreement, the owners has permitted the said developer to develop the property belonging to the owners only as a licensee which did not have the effect of transfer of property to the licensee. The developer has given possession of the assessee s share in June, 2017 which is also not disputed by the DR. CIT(A) clearly recorded that the assessee offered the capital gain in the year in which share in the constructed area is given to the assessee, which is subjected to tax in A.Y. 2018-19 which is also not disputed by the ld. DR. If we accept the contention of the ld. DR that the capital gain was rightly determined by the AO in A.Y. 2012-13, certainly, it amounts to double taxation, having offered the same in A.Y. 2018-19, as rightly pointed by the AR. Addition in the bank account - AR strenuously argued that the rental income from house property was received during the year - HELD THAT:- Accepting assessee submission we direct the addition as income from house property. Loan receipts - asessee as submitted that Rs. 1,70,000/- has been received by the assessee from his daughter and wife. The bank statement of daughter was enclosed. Thus, the genuineness, identity and correctworthyness is never in doubt. However, as far as his wife is concerned, he could not submit any document. But, in view of the fact that it is a loan from his own wife, we accept the same to be duly explained in view of the fact that the amount is negligible and further normally wives help husband in distress. Balance unexplained addition - It is quite possible that a person can always have some minimum savings for which perhaps no detailed explanation is required. It is also a fact that the case pertains to financial year 2011-12 and as on date 12 years have passed. So it may not be possible for a person to meticulously remember such minuscule transactions which have transpired about such a long period ago. So, we deem it fit not to make any separate addition of Rs. 90,625/- as well as Rs. 1,70,000/- towards loan received from the relatives. In effect, only a sum of Rs. 90,237/- is considered to be taxable. The appellant gets a relief of Rs. 2,75,188/-. In view of dismissal of appeal of department, Ground Nos. 1 2 have become of academic importance and we need not delve on the same. In the result cross objection of the assessee is partly allowed. Case-Laws Income Tax Thu, 18 Jul 2024 00:00:00 +0530