TaxTMI 
TaxTMI 
2018 (2) TMI 1761
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....-09 was filed on 02/09/2008 declaring income of Rs. 5,06,440/-. After processing the said return of income u/ 143(1) of the Income-tax Act 1961 (hereinafter referred to as 'the Act'), the assessment was re-opened by issuance of notice u/s 148 on 30/12/2011. After receipt of said notice u/s 148 the assessee submitted that the original return of income filed may be treated as return filed in response to notice u/s 148. Subsequently the assessment was completed by the Income tax Officer, Ward 5(4), Bangalore, vide order dated 25/03/2013 passed u/s 143(3) read with section 147 of the Income Tax Act 1961 (hereinafter referred to as 'the Act" for short) at total income of Rs. 4,78, 74,340/-. While doing so, the Assessing Officer (AO) made additio....
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....reckoning/ignoring the agreement dated 28/06/2000 entered with Mr.Gopal to purchase the said property in consideration of services rendered by him in connection with proposed acquisition of the property by the Bangalore Development Authorities. He submitted that the assessee had entered into another supplementary agreement dated 01/06/2004 by virtue of which the assessee acquired interest in the property which was subject matter of joint development agreement. It was further submitted that the sale deed was executed on 05/02/2005 by virtue of which the assessee became absolute owner of the property. According to the learned authorized representative, the date on which the assessee entered into agreement of sale is to be reckoned for the pur....
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....) (Bang). On the other hand, the learned departmental Representative relied on the orders of the lower authorities. 6. We heard rival submissions of the parties and considered material on record. The issue in the present appeal is whether the gains arising on entering into joint development agreement is taxable under short term capital gains or long term capital gains. It must be stated here that the assessee is not challenging the eligibility to capital gains tax on entering into JDA. The bone of contention between assessee and revenue is only with regard to the holding period of property which is subject matter of JDA between assessee and M/s.Adarsh Developers. It is contended before us that the assessee had acquired the subject propert....