https://www.taxtmi.com/caselaws?id=326517 A joint development agreement attracts deemed transfer under section 2(47)(v) only if it satisfies section 53A of the Transfer of Property Act, including the transferee's readiness and willingness to perform. On the facts, the agreement was treated as permissive, possession in the required sense was not shown, and no transfer was proved for assessment year 2006-07, so capital gains could not be taxed in that year. The reopening under sections 147 and 148 was upheld on recorded reasons. Later-year assessments and related cost of improvement, loss set-off and interest issues were remitted for fresh verification, and the penalty under section 271(1)(c) failed once the quantum addition did not survive. en-us Fri, 04 Mar 2016 00:00:00 +0530 Mon, 18 Apr 2016 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326517 A joint development agreement attracts deemed transfer under section 2(47)(v) only if it satisfies section 53A of the Transfer of Property Act, including the transferee's readiness and willingness to perform. On the facts, the agreement was treated as permissive, possession in the required sense was not shown, and no transfer was proved for assessment year 2006-07, so capital gains could not be taxed in that year. The reopening under sections 147 and 148 was upheld on recorded reasons. Later-year assessments and related cost of improvement, loss set-off and interest issues were remitted for fresh verification, and the penalty under section 271(1)(c) failed once the quantum addition did not survive. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326517