https://www.taxtmi.com/caselaws?id=236467 Capital gains were held to arise when the assessee and co-owner entered into the development arrangement, executed an irrevocable power of attorney, received consideration and handed over possession, because those facts attracted the deeming fiction of transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act. The later sale deed executed in 2007 was treated as a mere technical formality and not a fresh transfer giving rise to a second taxable event. Since the Revenue had already assessed the transaction as a transfer in assessment year 2004-05, the capital gains could not be taxed again in assessment year 2007-08 and the addition was unsustainable. en-us Fri, 04 May 2012 00:00:00 +0530 Fri, 20 Dec 2024 21:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236467 Capital gains were held to arise when the assessee and co-owner entered into the development arrangement, executed an irrevocable power of attorney, received consideration and handed over possession, because those facts attracted the deeming fiction of transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act. The later sale deed executed in 2007 was treated as a mere technical formality and not a fresh transfer giving rise to a second taxable event. Since the Revenue had already assessed the transaction as a transfer in assessment year 2004-05, the capital gains could not be taxed again in assessment year 2007-08 and the addition was unsustainable. Case-Laws Income Tax Fri, 04 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236467