https://www.taxtmi.com/caselaws?id=213208 A development agreement that handed over possession to a builder was treated as a transfer under section 2(47)(v), so capital gains arose in that year, and the consideration in the correction deed was adopted for computation. Exemption under section 54EC was allowed where investments in specified bonds were made within six months of receipt of the corresponding sale consideration, even though that receipt followed the date of transfer. Deduction under section 54B could not be denied merely because the assessees had entered into a real estate joint venture; absent evidence that the land was not acquired or used for agricultural purposes, the claim was upheld. en-us Thu, 29 Mar 2012 00:00:00 +0530 Thu, 23 May 2013 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213208 A development agreement that handed over possession to a builder was treated as a transfer under section 2(47)(v), so capital gains arose in that year, and the consideration in the correction deed was adopted for computation. Exemption under section 54EC was allowed where investments in specified bonds were made within six months of receipt of the corresponding sale consideration, even though that receipt followed the date of transfer. Deduction under section 54B could not be denied merely because the assessees had entered into a real estate joint venture; absent evidence that the land was not acquired or used for agricultural purposes, the claim was upheld. Case-Laws Income Tax Thu, 29 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213208