Redevelopment agreement not a property receipt, so not taxable: ITAT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that the execution and registration of a redevelopment agreement does not constitute the receipt of immovable property, thus not triggering tax under the Income Tax Act. This decision arose from an appeal by taxpayer Manoj Devshichhadva, who contested a ₹1.38 crore tax addition based on the stamp duty value of properties under a redevelopment agreement. The tribunal clarified that mere rights to receive property in the future are distinct from actual receipt, emphasizing the need for possession to trigger tax liability.