https://www.taxtmi.com/caselaws?id=262446 Capital gains could not be taxed in the impugned year because the development agreements did not establish a transfer of possession amounting to part performance under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act. The owner's project share was to be identified only after municipal approvals, and delivery of the existing structures was contemplated only after sanction of plans. On the record, the conditions for handing over possession in the statutory sense were not met in the year assessed; if the first agreement governed, the relevant year would have been earlier, and if the second governed, transfer could arise only after later clearances. en-us Fri, 31 Jul 2015 00:00:00 +0530 Tue, 11 Aug 2015 07:41:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262446 Capital gains could not be taxed in the impugned year because the development agreements did not establish a transfer of possession amounting to part performance under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act. The owner's project share was to be identified only after municipal approvals, and delivery of the existing structures was contemplated only after sanction of plans. On the record, the conditions for handing over possession in the statutory sense were not met in the year assessed; if the first agreement governed, the relevant year would have been earlier, and if the second governed, transfer could arise only after later clearances. Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262446