INCOME-TAX OFFICER, WARD - 5(2), PUNE vs. SUBHASH KRISHNARAO SAPTARSHI, PUNE

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ITA 125/PUN/2018Status: DisposedITAT Pune06 December 2022AY 2011-126 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the development agreement executed in 2004, which involved transfer of land and possession to the developer with the same sale consideration as the later sale deed, constituted a transfer in AY 2004-05. Therefore, the capital gains should be taxed in that year.

What were the facts?

The assessee executed a development agreement in 2004 for a property, which was later formalized by a sale deed in 2010. The Assessing Officer taxed the capital gains in the year of the sale deed (AY 2011-12), while the assessee contended it should be taxed in the year of the development agreement (AY 2004-05).

What were the issues?

The primary issue was the correct assessment year for taxing capital gains arising from a property transaction, specifically whether a development agreement constituted a transfer for tax purposes.

Which sections of the Income-tax Act were involved?

Section 48,Section 50C

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI S.S. GODARA & G.D. PADMAHSHALI

For Appellant: Shri Kishor B. Phadke
For Respondent: Shri Pankaj Kumar

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order is forwarded to: 1. अपीलाथ� / The Appellant; 2. ��यथ� / The Respondent; 3. The concerned CIT(A) concerned; 4. The CIT concerned िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, पुणे “A” / 5. DR ‘A’, ITAT, Pune गाड� फाईल / Guard file 6. आदेशानुसार/ BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 29-11-2022 Sr.PS 2. Draft placed before author 02-12-2022 Sr.PS 3. Draft proposed & placed before JM the second member 4. Draft discussed/approved by JM Second Member. 5. Approved Draft comes to the Sr.PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order.

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