https://www.taxtmi.com/caselaws?id=255541 For capital gains to arise under section 2(47)(v) on a development agreement, there must be effective transfer of possession and satisfaction of section 53A of the Transfer of Property Act, with the transferee ready and willing to perform the contract. A mere licence or permissive entry to enter the property and carry out construction does not amount to a transfer where complete control remains with the owner and possession is to pass later upon conveyance. On the stated facts, tenancy encumbrances, delayed approvals, and later commencement of development showed that no transfer took place in assessment year 2001-02, so capital gains could not be assessed in that year. en-us Fri, 14 Nov 2014 00:00:00 +0530 Mon, 20 Jul 2026 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255541 For capital gains to arise under section 2(47)(v) on a development agreement, there must be effective transfer of possession and satisfaction of section 53A of the Transfer of Property Act, with the transferee ready and willing to perform the contract. A mere licence or permissive entry to enter the property and carry out construction does not amount to a transfer where complete control remains with the owner and possession is to pass later upon conveyance. On the stated facts, tenancy encumbrances, delayed approvals, and later commencement of development showed that no transfer took place in assessment year 2001-02, so capital gains could not be assessed in that year. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255541