https://www.taxtmi.com/caselaws?id=256893 A conditional development agreement and power of attorney did not amount to a transfer under section 2(47)(v) of the Income-tax Act because possession was made subject to full payment and sanction of building plans. The developer had not fulfilled those essential conditions, had not obtained plan approval, and the arrangement did not amount to unconditional handing over of possession in part performance. As the requirements of section 53A of the Transfer of Property Act were not satisfied, the deeming fiction for capital gains could not be invoked merely on execution of the documents. No transfer arose in the relevant previous year, and capital gains were not taxable in A.Y. 2009-10. en-us Fri, 06 Feb 2015 00:00:00 +0530 Wed, 25 Feb 2015 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256893 A conditional development agreement and power of attorney did not amount to a transfer under section 2(47)(v) of the Income-tax Act because possession was made subject to full payment and sanction of building plans. The developer had not fulfilled those essential conditions, had not obtained plan approval, and the arrangement did not amount to unconditional handing over of possession in part performance. As the requirements of section 53A of the Transfer of Property Act were not satisfied, the deeming fiction for capital gains could not be invoked merely on execution of the documents. No transfer arose in the relevant previous year, and capital gains were not taxable in A.Y. 2009-10. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256893