https://www.taxtmi.com/caselaws?id=175904 A development agreement will not trigger capital gains tax under section 45 read with section 2(47)(v) unless possession is given in the legally relevant sense and the conditions of section 53A of the Transfer of Property Act are satisfied. Where the owners retain title, may terminate on default, and the developer receives only a licence to enter the property and construct, the arrangement is not a transfer by part performance. On these facts, the transaction was not treated as a transfer in the relevant previous year and the consideration was not taxable as capital gains for the assessment year concerned. en-us Tue, 11 Jan 2000 00:00:00 +0530 Tue, 08 Dec 2015 15:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175904 A development agreement will not trigger capital gains tax under section 45 read with section 2(47)(v) unless possession is given in the legally relevant sense and the conditions of section 53A of the Transfer of Property Act are satisfied. Where the owners retain title, may terminate on default, and the developer receives only a licence to enter the property and construct, the arrangement is not a transfer by part performance. On these facts, the transaction was not treated as a transfer in the relevant previous year and the consideration was not taxable as capital gains for the assessment year concerned. Case-Laws Income Tax Tue, 11 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175904