Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Permissive possession granted to a developer under a joint development agreement, solely for development and construction while ownership remains with the co-owners, does not constitute possession in part performance under section 53A of the Transfer of Property Act. Accordingly, section 2(47)(v) of the Income-tax Act is not attracted, and the agreement does not effect a transfer of the capital asset in the relevant previous year. The text notes that where the developer holds possession only as the owners' representative, no capital gains arise merely upon execution of the agreement.
Permissive possession granted to a developer under a joint development agreement, solely for development and construction while ownership remains with the co-owners, does not constitute possession in part performance under section 53A of the Transfer of Property Act. Accordingly, section 2(47)(v) of the Income-tax Act is not attracted, and the agreement does not effect a transfer of the capital asset in the relevant previous year. The text notes that where the developer holds possession only as the owners' representative, no capital gains arise merely upon execution of the agreement.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
