https://www.taxtmi.com/caselaws?id=258001 A development agreement that conferred possession and required the developer to enter, develop and construct on the property was treated as a transfer under section 2(47) of the Income-tax Act read with section 53A of the Transfer of Property Act, so capital gains arose in the year of the agreement. At the same time, the sale consideration and cost of acquisition, including possible double addition, demolished structures, tenant payments and litigation-related expenditure, required fresh verification on evidence. Eligibility for deduction under sections 54 and 54F was also left open for reconsideration on the recomputed gains. Ex parte assessments for non-filing were upheld as procedurally justified. en-us Fri, 20 Mar 2015 00:00:00 +0530 Thu, 26 Mar 2015 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258001 A development agreement that conferred possession and required the developer to enter, develop and construct on the property was treated as a transfer under section 2(47) of the Income-tax Act read with section 53A of the Transfer of Property Act, so capital gains arose in the year of the agreement. At the same time, the sale consideration and cost of acquisition, including possible double addition, demolished structures, tenant payments and litigation-related expenditure, required fresh verification on evidence. Eligibility for deduction under sections 54 and 54F was also left open for reconsideration on the recomputed gains. Ex parte assessments for non-filing were upheld as procedurally justified. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258001