https://www.taxtmi.com/caselaws?id=176954 A development agreement may trigger capital gains under section 2(47)(v) read with section 53A only when contractual rights, possession, and part-performance conditions are satisfied. On the stated facts, the Tribunal found that physical possession had not passed in the impugned year, so the gain was not taxable in that year, although the transfer test was met in the later year when possession was delivered. It also upheld the appellate direction to examine taxability in assessment year 2009-10, noting that the correct year of charge may be determined where the year under appeal is not the proper year of taxability. en-us Fri, 30 Aug 2013 00:00:00 +0530 Tue, 29 Nov 2016 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176954 A development agreement may trigger capital gains under section 2(47)(v) read with section 53A only when contractual rights, possession, and part-performance conditions are satisfied. On the stated facts, the Tribunal found that physical possession had not passed in the impugned year, so the gain was not taxable in that year, although the transfer test was met in the later year when possession was delivered. It also upheld the appellate direction to examine taxability in assessment year 2009-10, noting that the correct year of charge may be determined where the year under appeal is not the proper year of taxability. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176954