https://www.taxtmi.com/highlights?id=79681 Development agreement for land development does not result in transfer u/s 2(47)(v) of the Act, and no capital gain is chargeable in the year of agreement; capital gain is taxable in the year when constructed area is given to the assessee. Addition of rental income accepted as income from house property. Loan received from daughter substantiated; loan from wife accepted considering negligible amount and spousal relationship. Unexplained addition of Rs. 90,237/- considered taxable; relief of Rs. 2,75,188/- granted. Cross-objection partly allowed. en-us Wed, 24 Jul 2024 07:38:34 +0530 Wed, 24 Jul 2024 07:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79681 Development agreement for land development does not result in transfer u/s 2(47)(v) of the Act, and no capital gain is chargeable in the year of agreement; capital gain is taxable in the year when constructed area is given to the assessee. Addition of rental income accepted as income from house property. Loan received from daughter substantiated; loan from wife accepted considering negligible amount and spousal relationship. Unexplained addition of Rs. 90,237/- considered taxable; relief of Rs. 2,75,188/- granted. Cross-objection partly allowed. Highlights Income Tax Wed, 24 Jul 2024 07:38:34 +0530 https://www.taxtmi.com/highlights?id=79681