HC remanded matter to re-examine issue of taxability of capital gains on sale of flat received as share in JDA

INCOME TAX : Assessee entered into a joint develpoment agreement with a firm for development of a property under which assessee got 60 per cent share viz 9 flats - Assessee sold such flats in 2003 - During assessment proceedings for assessment years 2003-04 and 2004-05, Tribunal held that capital gains arose to assessee on sale of flats would be taxable for relevant assessment year 2000-01 and not for assessment years 2003-04 and 2004-05 - On basis of same, a reopening notice dated 10-6-2011 was

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