https://www.taxtmi.com/caselaws?id=242120 A development agreement-cum-GPA may trigger capital gains only if the transaction satisfies the requirements of section 53A of the Transfer of Property Act, including part-performance possession and the transferee's readiness and willingness to perform; mere execution of the agreement is insufficient where consideration has not accrued and the project has not progressed. Land ceases to retain agricultural character where conversion to non-agricultural use is approved before registration, affecting its treatment as a capital asset. An arrangement kept at the stage of development, without an actual transfer in the relevant year, is also not taxed as adventure in the nature of trade. en-us Fri, 03 Jan 2014 00:00:00 +0530 Wed, 08 Jan 2014 08:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242120 A development agreement-cum-GPA may trigger capital gains only if the transaction satisfies the requirements of section 53A of the Transfer of Property Act, including part-performance possession and the transferee's readiness and willingness to perform; mere execution of the agreement is insufficient where consideration has not accrued and the project has not progressed. Land ceases to retain agricultural character where conversion to non-agricultural use is approved before registration, affecting its treatment as a capital asset. An arrangement kept at the stage of development, without an actual transfer in the relevant year, is also not taxed as adventure in the nature of trade. Case-Laws Income Tax Fri, 03 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242120