https://www.taxtmi.com/caselaws?id=236069 A joint development agreement can amount to a transfer for capital gains purposes where the developer receives effective control, general possession and irrevocable development rights, so tax liability may arise in the year of execution under section 2(47)(v) and allied clauses. The agreed flats formed part of the full consideration under sections 45 and 48, and their notional value could be included even before construction or delivery. Reopening was upheld on prima facie escapement material, a belated revised return was rejected, and additional evidence turned on compliance with Rule 46A. Section 54F relief depended on proof of statutory conditions, so it was mostly denied, with interest treated as consequential. en-us Mon, 29 Jul 2013 00:00:00 +0530 Tue, 13 Aug 2013 14:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236069 A joint development agreement can amount to a transfer for capital gains purposes where the developer receives effective control, general possession and irrevocable development rights, so tax liability may arise in the year of execution under section 2(47)(v) and allied clauses. The agreed flats formed part of the full consideration under sections 45 and 48, and their notional value could be included even before construction or delivery. Reopening was upheld on prima facie escapement material, a belated revised return was rejected, and additional evidence turned on compliance with Rule 46A. Section 54F relief depended on proof of statutory conditions, so it was mostly denied, with interest treated as consequential. Case-Laws Income Tax Mon, 29 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236069