https://www.taxtmi.com/caselaws?id=248806 A development agreement is not treated as a deemed transfer for capital gains purposes merely on execution; taxability depends on effective part performance, possession in substance, and the transferee's willingness to perform, so permissive possession and no developmental activity meant the gains were not taxable in the assessment year. Additions based only on uncorroborated section 132(4) search statements could not be sustained when retracted and unsupported by independent evidence, so those additions were deleted. Agricultural land situated beyond the notified municipal limits remained outside the definition of capital asset, so the sale proceeds were not taxable. Jewellery found in search was considered under CBDT Instruction No. 1916, with credit subject to verification. en-us Mon, 09 Jun 2014 00:00:00 +0530 Wed, 25 Jun 2014 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248806 A development agreement is not treated as a deemed transfer for capital gains purposes merely on execution; taxability depends on effective part performance, possession in substance, and the transferee's willingness to perform, so permissive possession and no developmental activity meant the gains were not taxable in the assessment year. Additions based only on uncorroborated section 132(4) search statements could not be sustained when retracted and unsupported by independent evidence, so those additions were deleted. Agricultural land situated beyond the notified municipal limits remained outside the definition of capital asset, so the sale proceeds were not taxable. Jewellery found in search was considered under CBDT Instruction No. 1916, with credit subject to verification. Case-Laws Income Tax Mon, 09 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248806