High Court Upholds ITAT Decision: No Transfer of Asset in Land Development Deal u/s 43CA.

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....Validity of Revision u/s 263 by CIT - As per PCIT AO omitted to examine the transaction of transfer of land held as “Stock-in-trade” in the light of the provision of Section 43CA - reading of the entire agreement would show that there was no transfer or sale of asset under the Joint Development Agreement rather the agreement was to develop the land making it saleable and in view of the construction of the same, the developer would take a part of the stock-in-trade. - ITAT rightly granted relief to assessee - HC....