2025 (8) TMI 1668

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.... H. Pandep ORDER PER RENU JAUHRI [A.M.] :- This appeal is filed by the assessee against the order of the Learned Commissioner of Income-tax (Appeals), Mumbai/National Faceless Appeal Centre, Delhi [hereinafter referred to as "CIT(A)"] dated 30.07.2024 passed u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as "Act"] for Assessment Year [A.Y.] 2013-14. 2. The assessee has r....

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....lant submits that mere execution of a Development Agreement with the Developer during the relevant year for development of the land did not amount to a transfer u/s. 2(47) of the Act, and therefore, no capital gain arose in that year. In any event, the Ld. CIT(A) failed to appreciate that as per the Development Agreement the consideration was to be received by the appellant in the form of construe....

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....n, if any, was only 1/3rd. The appellant, therefore, prays in the alternative, and without prejudice, to the prayers made in Ground No.1 and 2 above, that the Ld. AO be directed to compute the capital gain, if any, as long-term capital gain, after considering the indexed cost thereof, and only 1/3rd share of such capital gain be assessed in the hands of the appellant." 3. Brief facts o....

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....peal that during the year under consideration, only a development agreement had been entered into and capital gain would be paid at the time of allotment of built-up area to the assessee. A copy of Joint Development Agreement (JDA) was also filed before Ld. CIT(A). However, Ld. CIT(A) dismissed the assessee's appeal observing that the assessee did not clarify as to how the JDA was related to the s....