https://www.taxtmi.com/caselaws?id=178039 A development agreement transferring substantial rights in land to a developer can constitute a transfer under the extended definition in section 2(47), including clauses (v) and (vi), so capital gains accrue when the agreement is executed. For capital gains purposes, the later completion certificate or physical possession does not fix the date of transfer where the owner has already parted with significant development and enjoyment rights. On those facts, the consideration from sale of flats was treated as long-term capital gain, and exemption under section 54EC was allowed. Authorities cited by the Revenue were distinguished because they involved different factual settings. en-us Fri, 20 Nov 2009 00:00:00 +0530 Wed, 27 Jan 2016 14:53:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178039 A development agreement transferring substantial rights in land to a developer can constitute a transfer under the extended definition in section 2(47), including clauses (v) and (vi), so capital gains accrue when the agreement is executed. For capital gains purposes, the later completion certificate or physical possession does not fix the date of transfer where the owner has already parted with significant development and enjoyment rights. On those facts, the consideration from sale of flats was treated as long-term capital gain, and exemption under section 54EC was allowed. Authorities cited by the Revenue were distinguished because they involved different factual settings. Case-Laws Income Tax Fri, 20 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178039