The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the tax liability for capital gain cannot arise in the year in which the assessee entered into a development agreement where there was only a promise of allotment of flats was made. The Tribunal clarified that no such tax liability can be imposed when […]
The post No Capital Gain in the Year of entering into Development Agreement where No Actual Allotment took Place: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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