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S. 45(5A) of Income Tax Has No Retrospective Application to JDAs Executed Before 01.04.2018: ITAT
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S. 45(5A) of Income Tax Has No Retrospective Application to JDAs Executed Before 01.04.2018: ITAT
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, held that Section 45(5A) of the Income Tax Act, introduced with effect from 01.04.2018, applies prospectively and cannot govern Joint Development Agreements (JDAs) executed prior to the said date. The assessee, Shri Lakkanna Durgappa, had entered into a Joint Development Agreement with SJR Prime Corporation Pvt. Ltd. on 17.12.2012 for development of residential property, pursuant to whic…
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