https://www.taxtmi.com/caselaws?id=254343 Where immovable property is placed in possession of a developer under a development agreement, section 2(47)(v) of the Income-tax Act, read with section 53A of the Transfer of Property Act, treats the transaction as a transfer when possession and effective control are given in part performance. On the facts, the effective transfer occurred when the developer obtained possession and substantial development rights under the agreement, not on 30.04.2005 when the later completion agreement was executed. The later agreement merely recorded completion and did not defer the earlier deemed transfer, so capital gains were not chargeable on that later date. en-us Thu, 18 Dec 2014 00:00:00 +0530 Fri, 19 Dec 2014 13:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254343 Where immovable property is placed in possession of a developer under a development agreement, section 2(47)(v) of the Income-tax Act, read with section 53A of the Transfer of Property Act, treats the transaction as a transfer when possession and effective control are given in part performance. On the facts, the effective transfer occurred when the developer obtained possession and substantial development rights under the agreement, not on 30.04.2005 when the later completion agreement was executed. The later agreement merely recorded completion and did not defer the earlier deemed transfer, so capital gains were not chargeable on that later date. Case-Laws Income Tax Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254343