https://www.taxtmi.com/caselaws?id=214803 Development agreements coupled with powers of attorney may constitute a transfer for capital gains purposes where the developer receives effective possession and general control in part performance of the contract. Section 2(47)(v) of the Income-tax Act applies with section 53A of the Transfer of Property Act where contractual rights permit entry, approvals, development and dealings in the project. Exclusive possession is not required; concurrent possession can suffice if the transferee effectively controls the property and is willing to perform contractual obligations. On the stated facts, effective possession was treated as handed over, and the capital gains addition was upheld. en-us Thu, 12 Jul 2012 00:00:00 +0530 Sat, 14 Jul 2012 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214803 Development agreements coupled with powers of attorney may constitute a transfer for capital gains purposes where the developer receives effective possession and general control in part performance of the contract. Section 2(47)(v) of the Income-tax Act applies with section 53A of the Transfer of Property Act where contractual rights permit entry, approvals, development and dealings in the project. Exclusive possession is not required; concurrent possession can suffice if the transferee effectively controls the property and is willing to perform contractual obligations. On the stated facts, effective possession was treated as handed over, and the capital gains addition was upheld. Case-Laws Income Tax Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214803