https://www.taxtmi.com/caselaws?id=214614 Capital gains under section 2(47)(v) arise in a development agreement only where possession is handed over in part performance within the scope of section 53A of the Transfer of Property Act; if the factual basis is incomplete or the agreement is later cancelled, the taxability must be tested on fresh factual examination. The note also addresses an unexplained opening cash balance, stating that acceptance of the figure in a cash flow statement is insufficient without verification of its source, so further enquiry is required before any addition is deleted or sustained. 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 under section 2(47)(v) arise in a development agreement only where possession is handed over in part performance within the scope of section 53A of the Transfer of Property Act; if the factual basis is incomplete or the agreement is later cancelled, the taxability must be tested on fresh factual examination. The note also addresses an unexplained opening cash balance, stating that acceptance of the figure in a cash flow statement is insufficient without verification of its source, so further enquiry is required before any addition is deleted or sustained. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214614