Land given to developer under land development agreement- Whether constitutes transfer
Where it was proved that assessee being the land owner had handed over the possession of property to the developer under the development agreement executed between assessee and developer, the said transaction
was rightly treated as 'transfer' within the meaning of section 2(47)(v) and consequently, assessee was liable for capital gain tax. - Vide Krishna Kumar D. Shah (HUF) v. Dy. CIT (2012) 47 (II) ITCL 194 (Hyd 'B'-Trib)
Where it was proved that assessee being the land owner had handed over the possession of property to the developer under the development agreement executed between assessee and developer, the said transaction
was rightly treated as 'transfer' within the meaning of section 2(47)(v) and consequently, assessee was liable for capital gain tax. - Vide Krishna Kumar D. Shah (HUF) v. Dy. CIT (2012) 47 (II) ITCL 194 (Hyd 'B'-Trib)
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