https://www.taxtmi.com/caselaws?id=463124 The ITAT Chennai held that capital gains from a joint development agreement and subsequent sale of flats must be computed separately for the respective assessment years. The AO erred by calculating long-term capital gains only at the time of sale, ignoring the dates of the joint development and supplementary agreements. The matter was remanded to the AO to reassess capital gains for each event-joint development agreement and flat sale-based on the correct assessment years, considering cost of acquisition and allowable deductions. The CIT(A) order was set aside, and the AO was directed to recompute gains afresh after hearing the assessee. The appeal was allowed for statistical purposes. en-us Wed, 19 Jul 2023 00:00:00 +0530 Thu, 07 Aug 2025 20:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463124 The ITAT Chennai held that capital gains from a joint development agreement and subsequent sale of flats must be computed separately for the respective assessment years. The AO erred by calculating long-term capital gains only at the time of sale, ignoring the dates of the joint development and supplementary agreements. The matter was remanded to the AO to reassess capital gains for each event-joint development agreement and flat sale-based on the correct assessment years, considering cost of acquisition and allowable deductions. The CIT(A) order was set aside, and the AO was directed to recompute gains afresh after hearing the assessee. The appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463124