https://www.taxtmi.com/caselaws?id=768883 ITAT Pune held that no capital gains liability arises when a landowner grants development rights to a developer through a development agreement. The tribunal distinguished between granting a license for construction versus actual transfer of land possession. Following the Bombay HC precedent in Bharat Jayantilal Patel, the tribunal ruled that mere licensing of development rights without transferring possession under section 53A of Transfer of Property Act does not constitute "transfer" under section 2(47)(v) of Income Tax Act. The AO's addition of capital gains was directed to be deleted, and the assessee's appeal was allowed. en-us Wed, 09 Apr 2025 00:00:00 +0530 Tue, 15 Apr 2025 08:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768883 ITAT Pune held that no capital gains liability arises when a landowner grants development rights to a developer through a development agreement. The tribunal distinguished between granting a license for construction versus actual transfer of land possession. Following the Bombay HC precedent in Bharat Jayantilal Patel, the tribunal ruled that mere licensing of development rights without transferring possession under section 53A of Transfer of Property Act does not constitute "transfer" under section 2(47)(v) of Income Tax Act. The AO's addition of capital gains was directed to be deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768883