https://www.taxtmi.com/caselaws?id=245880 Capital gains from a development agreement are not taxable merely on execution if the arrangement does not amount to a deemed transfer under Section 2(47)(v) of the Income-tax Act read with Section 53A of the Transfer of Property Act. On the facts described, the developer had only permissive possession, no construction approval had been obtained, no developed area had been handed over, and the landowner's consideration in the form of a share in the constructed area had not accrued. A refundable deposit by itself was insufficient to establish transfer or receipt of consideration for capital gains purposes, so the addition was deleted. en-us Fri, 04 Apr 2014 00:00:00 +0530 Tue, 18 Aug 2015 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245880 Capital gains from a development agreement are not taxable merely on execution if the arrangement does not amount to a deemed transfer under Section 2(47)(v) of the Income-tax Act read with Section 53A of the Transfer of Property Act. On the facts described, the developer had only permissive possession, no construction approval had been obtained, no developed area had been handed over, and the landowner's consideration in the form of a share in the constructed area had not accrued. A refundable deposit by itself was insufficient to establish transfer or receipt of consideration for capital gains purposes, so the addition was deleted. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245880