https://www.taxtmi.com/caselaws?id=214060 Transfer of land under a development agreement was treated as a taxable transfer in the year possession was handed over and substantial consideration was received. On the admitted facts, the arrangement satisfied section 2(47)(v) of the Income-tax Act, 1961 read with section 53A of the Transfer of Property Act, 1882, so the transfer by part performance was complete for capital gains purposes in that year. The later execution of sale deeds, or the assessee's accounting treatment in subsequent years, did not defer taxability once those statutory conditions were met. The capital gains on the entire property were therefore chargeable in the relevant year, and deletion of the addition was unsustainable. en-us Wed, 28 Mar 2012 00:00:00 +0530 Thu, 14 Jun 2012 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214060 Transfer of land under a development agreement was treated as a taxable transfer in the year possession was handed over and substantial consideration was received. On the admitted facts, the arrangement satisfied section 2(47)(v) of the Income-tax Act, 1961 read with section 53A of the Transfer of Property Act, 1882, so the transfer by part performance was complete for capital gains purposes in that year. The later execution of sale deeds, or the assessee's accounting treatment in subsequent years, did not defer taxability once those statutory conditions were met. The capital gains on the entire property were therefore chargeable in the relevant year, and deletion of the addition was unsustainable. Case-Laws Income Tax Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214060