https://www.taxtmi.com/caselaws?id=69917 A development agreement accompanied by possession, fixed consideration, earnest money and a power of attorney authorising the purchaser to deal with the property and construct flats was treated as part performance under section 53A of the Transfer of Property Act, 1882. On that basis, the arrangement fell within the extended definition of transfer under section 2(47)(v) of the Income-tax Act, 1961. Once the transaction was regarded as a transfer, the exemption claimed under section 54 could not continue, and its withdrawal was justified. en-us Fri, 07 Mar 2008 00:00:00 +0530 Fri, 22 Dec 2023 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69917 A development agreement accompanied by possession, fixed consideration, earnest money and a power of attorney authorising the purchaser to deal with the property and construct flats was treated as part performance under section 53A of the Transfer of Property Act, 1882. On that basis, the arrangement fell within the extended definition of transfer under section 2(47)(v) of the Income-tax Act, 1961. Once the transaction was regarded as a transfer, the exemption claimed under section 54 could not continue, and its withdrawal was justified. Case-Laws Income Tax Fri, 07 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69917