https://www.taxtmi.com/caselaws?id=456936 The Karnataka HC ruled in favor of the assessee regarding capital gains taxation under Section 2(47) in a Joint Development Agreement case. The court held that the landowner retained ownership until actual conveyance occurred, as the developer's powers were merely administrative through a General Power of Attorney. The JDA clauses specifically provided that the assessee would continue owning the entire property until a conveyance deed was executed. Since no conveyance took place in Assessment Year 2014-15, the Assessing Officer's view was deemed perverse. Both CIT(A) and ITAT decisions reversing the AO's position were upheld. en-us Mon, 16 Jan 2023 00:00:00 +0530 Thu, 29 Aug 2024 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456936 The Karnataka HC ruled in favor of the assessee regarding capital gains taxation under Section 2(47) in a Joint Development Agreement case. The court held that the landowner retained ownership until actual conveyance occurred, as the developer's powers were merely administrative through a General Power of Attorney. The JDA clauses specifically provided that the assessee would continue owning the entire property until a conveyance deed was executed. Since no conveyance took place in Assessment Year 2014-15, the Assessing Officer's view was deemed perverse. Both CIT(A) and ITAT decisions reversing the AO's position were upheld. Case-Laws Income Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456936