https://www.taxtmi.com/caselaws?id=245122 A development agreement may constitute a transfer for capital gains purposes where possession of immovable property is handed over in part performance under section 53A and substantial consideration is received. On that basis, capital gains can accrue in the assessment year in which the consideration is received, even if the formal sale deed is executed later. The court also noted that any consequential exemption or investment relief claim was to be examined by the Assessing Officer in accordance with law, with adjustment if further benefit was available. The timing of transfer and capital gains was therefore treated as arising when possession and substantial consideration converged. en-us Wed, 01 Jan 2014 00:00:00 +0530 Wed, 04 Jun 2014 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245122 A development agreement may constitute a transfer for capital gains purposes where possession of immovable property is handed over in part performance under section 53A and substantial consideration is received. On that basis, capital gains can accrue in the assessment year in which the consideration is received, even if the formal sale deed is executed later. The court also noted that any consequential exemption or investment relief claim was to be examined by the Assessing Officer in accordance with law, with adjustment if further benefit was available. The timing of transfer and capital gains was therefore treated as arising when possession and substantial consideration converged. Case-Laws Income Tax Wed, 01 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245122