https://www.taxtmi.com/caselaws?id=181703 An express development arrangement converted the assessee's share in the property into stock-in-trade from the date of the agreement, and that conversion was treated as a transfer under section 2(47)(iv), with tax consequences governed by section 45(2) on fair market value at the date of conversion. Mere non-entry in the books did not change that legal effect, while clauses (v) and (vi) were not triggered until the builder obtained effective rights under the irrevocable power of attorney executed later. The computation of consideration could not rest solely on the statutory form; fair market value and the value of the constructed area had to be determined on evidence, so the valuation issue was remitted for fresh determination. en-us Fri, 16 Jan 2009 00:00:00 +0530 Fri, 22 Apr 2016 11:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181703 An express development arrangement converted the assessee's share in the property into stock-in-trade from the date of the agreement, and that conversion was treated as a transfer under section 2(47)(iv), with tax consequences governed by section 45(2) on fair market value at the date of conversion. Mere non-entry in the books did not change that legal effect, while clauses (v) and (vi) were not triggered until the builder obtained effective rights under the irrevocable power of attorney executed later. The computation of consideration could not rest solely on the statutory form; fair market value and the value of the constructed area had to be determined on evidence, so the valuation issue was remitted for fresh determination. Case-Laws Income Tax Fri, 16 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181703