We three brothers had entered into a Joint Venture Agreement with one Land Developer Firm in respect of a land jointly held by we three brothers in the year 2011 (Sept.) My two brother's income tax file is with another C.A. and my file is with another C.A. There is no monetory consideration involved in this transaction. Developers had to develope Flat Scheme and give 48.5℅ Flats to us (Land Owners) and balance is to retained by Developers.
In between there was a IT raid on Developers and our Five years IT returns were reopened. Department sent us Demand Notice that we were liable to pay Capital Gain with interest from date of Agreement of Development in Aug. 2011. While our contention was that we received possession (consideration) in September 2016 and point of Tax payment will be 2016 when consideration was received in form of Flat Share.
We filed Appeal against Order. My Co-partners recently won Appeal. My IT file is with another C.A. My case is yet to be decided. If my brothers have won Appeal does it mean that my Case is also decided ? Can different Income Tax Officer give different Order in respect of my file in respect of same joint venture case which is decided in favour of my co-partners ? (IT Officer is different in my Case) Can I have any advantage of my brothers winning Appeal ?
~ Naresh V. Trivedi, Nagpur, Maharashtra.
I shall be highly thankful if you please advise urgently.
CAclubindia
