1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Essentials to tax JDA

ByCA Gopal Nathani

Oct 4, 2021

Vide [2017] 398 ITR 531 (SC) the Apex Court held that the object of section 2(47)(vi) is to bring within the tax net a de facto transfer of any immovable property.

Further therefore to subject a Joint Development Agreement(JDA) to liability under capital gains taxation the following four events must have occurredto regard it as a de facto transfer under the law:

There should be an agreement between the owner of land and the developer for development;
Such agreement should be registered and stamp duty paid thus rendering transfer in law ;
Possession is also delivered; and
All approvals for development are in place.