https://www.taxtmi.com/caselaws?id=258413 A development agreement and delivery of possession do not amount to a deemed transfer under section 2(47)(v) unless the section 53A conditions are cumulatively met, including the transferee's readiness and willingness to perform the contract as shown by conduct. On the facts, the developer had not secured approvals, begun construction, or otherwise demonstrated readiness, and the breakdown of the arrangement supported the conclusion that no transfer had occurred; capital gains were therefore not taxable in the relevant year. The unexplained cash credit issue was not finally sustained because the supporting material and banking trail had not been examined in depth, so the matter was remitted for fresh adjudication. en-us Thu, 28 Aug 2014 00:00:00 +0530 Tue, 18 Aug 2015 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258413 A development agreement and delivery of possession do not amount to a deemed transfer under section 2(47)(v) unless the section 53A conditions are cumulatively met, including the transferee's readiness and willingness to perform the contract as shown by conduct. On the facts, the developer had not secured approvals, begun construction, or otherwise demonstrated readiness, and the breakdown of the arrangement supported the conclusion that no transfer had occurred; capital gains were therefore not taxable in the relevant year. The unexplained cash credit issue was not finally sustained because the supporting material and banking trail had not been examined in depth, so the matter was remitted for fresh adjudication. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258413