https://www.taxtmi.com/caselaws?id=214614 Capital-gains taxability under a development agreement depends on whether possession was granted in part performance within the meaning of section 53A, so that the arrangement constitutes a transfer under section 2(47)(v). Where the alleged cancellation agreement, actual possession and development activity remain inadequately examined, the capital-gains issue requires fresh determination. The unexplained opening cash-balance addition also requires verification because acceptance in a cash-flow statement does not establish the availability or source of funds; deletion without necessary enquiry is premature. Both issues were remanded for fresh consideration, resulting in partial relief to the assessee. en-us Mon, 02 Jul 2012 00:00:00 +0530 Tue, 12 Apr 2016 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214614 Capital-gains taxability under a development agreement depends on whether possession was granted in part performance within the meaning of section 53A, so that the arrangement constitutes a transfer under section 2(47)(v). Where the alleged cancellation agreement, actual possession and development activity remain inadequately examined, the capital-gains issue requires fresh determination. The unexplained opening cash-balance addition also requires verification because acceptance in a cash-flow statement does not establish the availability or source of funds; deletion without necessary enquiry is premature. Both issues were remanded for fresh consideration, resulting in partial relief to the assessee. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214614