https://www.taxtmi.com/caselaws?id=248591 Capital gains in a development-agreement transaction were held taxable only when a completed transfer occurred under section 2(47) read with section 53A, and not merely on execution of the agreement. The Tribunal confined taxation to gains arising from the built-up area actually sold during the relevant year, and held that unsold constructed area could not be included in sale consideration for capital gains computation. On the section 50C and understatement issues, the additions were set aside and the matter was remitted for fresh consideration, with the Assessing Officer directed to rework the assessment after hearing the assessee and examining section 50C, including valuation reference if applicable. en-us Mon, 07 May 2012 00:00:00 +0530 Tue, 17 Jun 2014 22:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248591 Capital gains in a development-agreement transaction were held taxable only when a completed transfer occurred under section 2(47) read with section 53A, and not merely on execution of the agreement. The Tribunal confined taxation to gains arising from the built-up area actually sold during the relevant year, and held that unsold constructed area could not be included in sale consideration for capital gains computation. On the section 50C and understatement issues, the additions were set aside and the matter was remitted for fresh consideration, with the Assessing Officer directed to rework the assessment after hearing the assessee and examining section 50C, including valuation reference if applicable. Case-Laws Income Tax Mon, 07 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248591