https://www.taxtmi.com/caselaws?id=268194 A joint development agreement did not amount to a transfer for capital gains purposes because the arrangement envisaged only pro rata transfer of land and did not give possession in part performance of the entire property. Any possession was treated as a licence for development, not as transferee possession under section 53A of the Transfer of Property Act, 1882. As the post-24.09.2001 agreement was unregistered, the essential requirements of section 53A were not met, so section 2(47)(v) of the Income-tax Act, 1961 did not apply. On that basis, no taxable transfer arose and the section 54F exemption issue became academic. en-us Mon, 02 Nov 2015 00:00:00 +0530 Fri, 20 Nov 2015 19:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268194 A joint development agreement did not amount to a transfer for capital gains purposes because the arrangement envisaged only pro rata transfer of land and did not give possession in part performance of the entire property. Any possession was treated as a licence for development, not as transferee possession under section 53A of the Transfer of Property Act, 1882. As the post-24.09.2001 agreement was unregistered, the essential requirements of section 53A were not met, so section 2(47)(v) of the Income-tax Act, 1961 did not apply. On that basis, no taxable transfer arose and the section 54F exemption issue became academic. Case-Laws Income Tax Mon, 02 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268194