https://www.taxtmi.com/caselaws?id=212496 A proposed joint development arrangement did not amount to a transfer of a capital asset because no possession was handed over, no rights in praesenti were extinguished, and the contemplated share issue and future development remained inchoate; consequently, section 2(47) of the Income-tax Act, 1961 and section 53A of the Transfer of Property Act, 1882 were not satisfied, and no capital gains arose in the relevant year. The characterisation of lease or revenue-sharing receipts as business income or income from other sources was remitted for fresh examination, as the assessment order lacked proper discussion and the assessee had not been effectively heard. en-us Tue, 25 Oct 2011 00:00:00 +0530 Tue, 25 Jun 2013 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212496 A proposed joint development arrangement did not amount to a transfer of a capital asset because no possession was handed over, no rights in praesenti were extinguished, and the contemplated share issue and future development remained inchoate; consequently, section 2(47) of the Income-tax Act, 1961 and section 53A of the Transfer of Property Act, 1882 were not satisfied, and no capital gains arose in the relevant year. The characterisation of lease or revenue-sharing receipts as business income or income from other sources was remitted for fresh examination, as the assessment order lacked proper discussion and the assessee had not been effectively heard. Case-Laws Income Tax Tue, 25 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212496