https://www.taxtmi.com/caselaws?id=178848 A joint development arrangement was treated as a transfer under section 2(47) because the developer received development rights, possession for effective control, and an irrevocable power of attorney enabling entry, sale, mortgage, and exploitation of the property. The Tribunal applied the principle that section 45 read with section 48 taxes capital gains in the year of transfer on the full value of consideration received or accruing, including cash and flats. Non-registration and later implementation difficulties did not prevent a deemed transfer once material rights had been conferred. The long-term capital gains were therefore assessable in the assessee's hands in the relevant year. en-us Wed, 15 Jul 2015 00:00:00 +0530 Mon, 15 Feb 2016 10:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178848 A joint development arrangement was treated as a transfer under section 2(47) because the developer received development rights, possession for effective control, and an irrevocable power of attorney enabling entry, sale, mortgage, and exploitation of the property. The Tribunal applied the principle that section 45 read with section 48 taxes capital gains in the year of transfer on the full value of consideration received or accruing, including cash and flats. Non-registration and later implementation difficulties did not prevent a deemed transfer once material rights had been conferred. The long-term capital gains were therefore assessable in the assessee's hands in the relevant year. Case-Laws Income Tax Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178848