https://www.taxtmi.com/caselaws?id=66377 A registered development agreement and supplemental agreement constituted a transfer under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act because they fixed the full consideration, gave the developer possession for development, prohibited revocation, authorised an irrevocable power of attorney, and showed readiness and willingness to perform. The fact that monetary consideration was received later was not decisive, as capital gains accrue in the year of transfer under section 45. On that basis, the transfer was treated as having occurred before the previous year relevant to assessment year 2001-02, so the capital gains were not taxable in that year. en-us Tue, 20 Sep 2005 00:00:00 +0530 Fri, 19 Apr 2024 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66377 A registered development agreement and supplemental agreement constituted a transfer under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act because they fixed the full consideration, gave the developer possession for development, prohibited revocation, authorised an irrevocable power of attorney, and showed readiness and willingness to perform. The fact that monetary consideration was received later was not decisive, as capital gains accrue in the year of transfer under section 45. On that basis, the transfer was treated as having occurred before the previous year relevant to assessment year 2001-02, so the capital gains were not taxable in that year. Case-Laws Income Tax Tue, 20 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66377