https://www.taxtmi.com/caselaws?id=761881 The ITAT Hyderabad upheld the AO's assessment of long-term capital gains on an NRI assessee's joint development agreement. The tribunal dismissed challenges regarding territorial jurisdiction, confirming Hyderabad AO's authority over property-related assessments without requiring transfer under Section 127. The court held that transfer occurred upon JDA execution in 2015-16, rejecting the assessee's claim that gains should be taxed in AY 2019-20. The tribunal also upheld the AO's property valuation based on guidance value, dismissing the assessee's higher valuation report as unreliable. The appeal was entirely dismissed. en-us Thu, 14 Nov 2024 00:00:00 +0530 Mon, 18 Nov 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761881 The ITAT Hyderabad upheld the AO's assessment of long-term capital gains on an NRI assessee's joint development agreement. The tribunal dismissed challenges regarding territorial jurisdiction, confirming Hyderabad AO's authority over property-related assessments without requiring transfer under Section 127. The court held that transfer occurred upon JDA execution in 2015-16, rejecting the assessee's claim that gains should be taxed in AY 2019-20. The tribunal also upheld the AO's property valuation based on guidance value, dismissing the assessee's higher valuation report as unreliable. The appeal was entirely dismissed. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761881