ITAT rules for landowners in tax case linked to 2005 joint development pact

The Income Tax Appellate Tribunal ruled in favor of five landowners in a tax dispute involving a 2005 property development arrangement. The case centered on a joint development agreement executed between the landowners and a builder. Under this deal, the builder acquired development rights and paid a refundable deposit of Rs 37.25 lakh. Tax authorities had alleged the related IT park firm was used as a tax avoidance scheme, but the tribunal sided with the property owners.