https://www.taxtmi.com/caselaws?id=239391 A joint development agreement and irrevocable power of attorney were treated as a transfer of a capital asset because they gave the developer possession and effective enjoyment, along with extensive developmental and disposal rights, within section 2(47) of the Income-tax Act. Registration of the agreement and pending permissions did not prevent transfer treatment where the substance of the arrangement satisfied clauses (v) and (vi). Capital gains were therefore chargeable in the year of transfer under section 45, and computation under section 48 included the entire agreed consideration, including flats to be received later, not merely amounts actually received. en-us Fri, 23 Aug 2013 00:00:00 +0530 Wed, 13 Nov 2013 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239391 A joint development agreement and irrevocable power of attorney were treated as a transfer of a capital asset because they gave the developer possession and effective enjoyment, along with extensive developmental and disposal rights, within section 2(47) of the Income-tax Act. Registration of the agreement and pending permissions did not prevent transfer treatment where the substance of the arrangement satisfied clauses (v) and (vi). Capital gains were therefore chargeable in the year of transfer under section 45, and computation under section 48 included the entire agreed consideration, including flats to be received later, not merely amounts actually received. Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239391