https://www.taxtmi.com/caselaws?id=207062 A joint development agreement triggers deemed transfer under section 2(47)(v) only if it satisfies section 53A of the Transfer of Property Act, including part performance and the transferee's readiness and willingness to perform; where those conditions are absent and consideration is not ascertainable with reasonable certainty, capital gains do not arise on execution alone. Surplus from sale of lands is taxable as capital gains, not business income, where the lands were held as investments, there was no systematic real estate trading, and surrounding circumstances such as zoning restrictions, impending acquisition, or litigation concerns explain the sales rather than an adventure in the nature of trade. en-us Fri, 09 Sep 2011 00:00:00 +0530 Sat, 26 Nov 2011 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207062 A joint development agreement triggers deemed transfer under section 2(47)(v) only if it satisfies section 53A of the Transfer of Property Act, including part performance and the transferee's readiness and willingness to perform; where those conditions are absent and consideration is not ascertainable with reasonable certainty, capital gains do not arise on execution alone. Surplus from sale of lands is taxable as capital gains, not business income, where the lands were held as investments, there was no systematic real estate trading, and surrounding circumstances such as zoning restrictions, impending acquisition, or litigation concerns explain the sales rather than an adventure in the nature of trade. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207062