Chd ITAT dismisses batch of appeals on issue of transfer of membership rights in Pbi Co-op Society

Chandigarh ITAT pronounces 165 pages ruling on development agreement taxability involving over 2 dozen appeals; Capital gains on land taxable in the year when Joint Development Agreement (JDA) entered; JDA alongwith irrecoverable power of attorney & handing over of possession, results into transfer of capital asset; Definition of transfer as per clause (v) of Sec 2(24) attracted; Relies extensively on Bombay HC ruling in Chaturbhuj Dwarkadas Kapadia and AAR ruling in Jasbir Singh Sarkaria; Upholds Haydon’s Rule of interpretation : Chandigarh ITAT in the case of Charanjit Singh Atwal & Ors.

For complete text of judgement Charanjit Atwal-Punjabi Co-op society-Chd ITAT