https://www.taxtmi.com/caselaws?id=217728 A development agreement was treated as a transfer for capital gains purposes because it gave the developer possession or possession-like control in part performance of the contract; legal title remaining with the owner and deferred consideration did not prevent taxability in the year of the agreement. Interest on borrowings was also disallowed because the assessee did not prove that the funds were used for business purposes, and the record suggested diversion to non-business assets and outgoings. The valuation adopted by the first appellate authority was left undisturbed. en-us Fri, 20 Jul 2012 00:00:00 +0530 Sat, 14 Jan 2017 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217728 A development agreement was treated as a transfer for capital gains purposes because it gave the developer possession or possession-like control in part performance of the contract; legal title remaining with the owner and deferred consideration did not prevent taxability in the year of the agreement. Interest on borrowings was also disallowed because the assessee did not prove that the funds were used for business purposes, and the record suggested diversion to non-business assets and outgoings. The valuation adopted by the first appellate authority was left undisturbed. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217728