2025 (5) TMI 802

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....Engicons Pvt. Limited for the development of a piece of land admeasuring 1 katha 3 dhoor 4 dhoorki possessed through purchase on the same day, i.e. on 15th July, 2014. Apart from the said piece of land, there is no other property possessed by the appellant. The assessee filed his return of income for the assessment year 2015-16, but not declared any capital gains in the financial year 2014-15 because the development work/process was not initiated by the developer. The assessee had not declared capital gains on such agreement as the builder had not acted upon as there was no development activities carried out according to the agreement. However, the ld. Assessing Officer has computed capital gains by invoking the provisions of section 45 rea....

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....syn limited (TS -73 HC- 2015 Bombay) and (iv) I challenging the amount of tax demand and interest on there upon deemed income which is not a capital gain as there was no real income through the said agreement. That the appellant craves right to add, amend, delete, substitute and - or incorporate any of the grounds of appeal before or at the time of having of the appeal. 5. I have heard both the sides. It was the submission of the assessee that the developer M/s. Aparna Architect & Engicons Pvt. Limited after entering into the development agreement, they have not acted upon and the said land remains in the possession of the appellant. Therefore, the appellant has not transferred his right, title and interest over the land. Hence, the....