https://www.taxtmi.com/caselaws?id=257554 A development agreement did not create a deemed transfer because the transferee was not ready and willing to perform the contract, and no meaningful development activity had begun. The Tribunal applied the section 53A part-performance requirement and held that, without such willingness and actual implementation, section 2(47)(v) of the Income-tax Act could not be invoked. It also noted that the land's agricultural character, and thus its non-capital-asset status, remained unchallenged. As a result, no capital gains arose in the relevant year and the tax additions were unsustainable. en-us Thu, 26 Feb 2015 00:00:00 +0530 Fri, 20 Dec 2024 21:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257554 A development agreement did not create a deemed transfer because the transferee was not ready and willing to perform the contract, and no meaningful development activity had begun. The Tribunal applied the section 53A part-performance requirement and held that, without such willingness and actual implementation, section 2(47)(v) of the Income-tax Act could not be invoked. It also noted that the land's agricultural character, and thus its non-capital-asset status, remained unchallenged. As a result, no capital gains arose in the relevant year and the tax additions were unsustainable. Case-Laws Income Tax Thu, 26 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257554