https://www.taxtmi.com/caselaws?id=271327 A development agreement does not amount to a transfer for capital gains purposes under section 2(47)(v) where the assessee retains physical possession, the developer receives possession only on fulfilment of contractual conditions and final payment, and the balance consideration remains unpaid. The arrangement also fails to trigger section 53A of the Transfer of Property Act, 1882 when the transferee has not obtained rights of part performance and the essential terms have not been complied with. On these facts, the agreement does not mature into a taxable transfer, and the addition towards long-term capital gains is not sustainable. en-us Thu, 05 Nov 2015 00:00:00 +0530 Thu, 07 Jan 2016 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271327 A development agreement does not amount to a transfer for capital gains purposes under section 2(47)(v) where the assessee retains physical possession, the developer receives possession only on fulfilment of contractual conditions and final payment, and the balance consideration remains unpaid. The arrangement also fails to trigger section 53A of the Transfer of Property Act, 1882 when the transferee has not obtained rights of part performance and the essential terms have not been complied with. On these facts, the agreement does not mature into a taxable transfer, and the addition towards long-term capital gains is not sustainable. Case-Laws Income Tax Thu, 05 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271327