Taxation of Capital Gains in Joint Development Agreement Validated; Territorial AO's Jurisdiction Confirmed by ITAT.

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....Taxation of long-term capital gains arising from a development agreement u/s 153C read with Section 144C(3) of the Income Tax Act. The assessee, being an NRI, was assessed to have no source of income in India and was taxable under the residual charge at Delhi. The jurisdiction of the Assessing Officer (AO) u/s 153C read with Section 144C(3) was challenged, but the ITAT held that the AO having territorial jurisdiction where the property is situated and where the necessary documents/information is available should be the appropriate forum for adjudication. Section 127 was not applicable as there was no transfer of jurisdiction from one authority to another. The ITAT upheld the CIT(A)'s decision that a transfer took place on account of the Joi.........