DEPUTY COMMISSIONER OF INCOME TAX, VIJAYAWADA vs. ANOOHYA MAGANTI, VIJAYAWADA

ITA 253/VIZ/2025Status: DisposedITAT Visakhapatnam09 September 2026AY 2016-1736 pages
AI SummaryRemanded

What were the facts?

The Revenue appealed against the CIT(A)'s order concerning capital gains arising from a Joint Development Agreement (JDA) cum General Power of Attorney (GPA). The assessee, along with co-owners, entered into a JDA cum GPA for property development, but the taxability of capital gains was disputed.

What did the Tribunal hold?

The Tribunal considered the various grounds of appeal raised by the Revenue, focusing on whether the JDA cum GPA constituted a 'transfer' for capital gains tax purposes in the year of agreement execution. The Revenue argued for taxation based on the agreement date, citing various High Court and ITAT decisions.

What were the issues?

The key issue was whether the execution of a Joint Development Agreement cum GPA, along with subsequent actions like obtaining permissions and receiving advances, constituted a 'transfer' of property attracting capital gains tax in the year of agreement, or if it was contingent on further developments or registration.

Which sections of the Income-tax Act were involved?

Section 2(47),Section 53A

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Heard together (2 matters)

ITA 252/VIZ/2025
ITA 253/VIZ/2025

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आयकर अपीलीय अधिकरण, धिशाखापत्तनम पीठ, धिशाखापत्तनम INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM BENCH: DIVN

BEFORE SHRI VIJAY PAL RAO, HON’BLE VICE PRESIDENT & SHRI MANJUNATHA G, HON’BLE ACCOUNTANT MEMBER

ITA 252/VIZ/2025 (निर्धारण वर्ा/Assessment Year: 2016-17) DEPUTY COMMISSIONER OF ADARSH MAGANTI INCOME TAX 25-3-23, SRIRANGA HEIGHTS, VIJAYAWADA-520007, VIJAYAWADA-520002, ANDHRA PRADESH ANDHRA PRADESH अपीलधर्थी Appellant प्रत्यर्थी Respondent

PAN of Assessee: ANVPM2351A

अपीलधर्थी द्वारा/Appellant represented by: Sri Nilanjan Dey, CIT(DR) प्रत्यर्थी द्वारा/Respondent represented by: CA C Subrahmanyam

ITA 253/VIZ/2025 (निर्धारण वर्ा/Assessment Year: 2016-17) DEPUTY COMMISSIONER OF ANOOHYA MAGANTI INCOME TAX D.NO.59-8-7, NO.5, VIJAYAWADA-520007, VIJAYAWADA-520008, ANDHRA PRADESH ANDHRA PRADESH अपीलधर्थी Appellant प्रत्यर्थी Respondent

PAN of Assessee: BEMPM2197F

अपीलधर्थी द्वारा/Appellant represented by: Sri Nilanjan Dey, CIT(DR) प्रत्यर्थी द्वारा/Respondent represented by: CA C Subrahmanyam

ITA 252,

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