https://www.taxtmi.com/caselaws?id=327951 A joint development agreement was treated as a transfer for capital gains purposes because it gave the developer possession-related rights and effective control to obtain approvals, enter upon the property, advertise and sell flats, and act under a power of attorney, while consideration was received and the arrangement was implemented through subsequent conveyances and construction. Applying section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, the Tribunal noted that completed legal conveyance is not required where rights are transferred in part performance. Later paper arrangements could not defer the tax incidence, so capital gains were chargeable in the relevant assessment year. en-us Wed, 13 Apr 2016 00:00:00 +0530 Mon, 23 May 2016 09:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327951 A joint development agreement was treated as a transfer for capital gains purposes because it gave the developer possession-related rights and effective control to obtain approvals, enter upon the property, advertise and sell flats, and act under a power of attorney, while consideration was received and the arrangement was implemented through subsequent conveyances and construction. Applying section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, the Tribunal noted that completed legal conveyance is not required where rights are transferred in part performance. Later paper arrangements could not defer the tax incidence, so capital gains were chargeable in the relevant assessment year. Case-Laws Income Tax Wed, 13 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327951