2025 (8) TMI 1668

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.....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 raised following grounds of appeal:  "1....

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.... 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 construed area to be built by the builder in future. The appellant,....

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....thout 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 of the case are that as per the information available in Annual Information Statement (AIS), it w....

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....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 sales agreement and held that the transfer of capital asset had taken placed in the year under cons....