https://www.taxtmi.com/caselaws?id=332443 Execution of a joint development agreement and handing over of possession was analysed as a possible transfer for capital gains purposes. On the stated facts, the agreement gave the developer possession, approval rights and construction access, so the arrangement was treated as a transfer by part performance; however, the text states that this transfer did not arise in assessment year 2009-10 and that the later registered sale deed did not create a fresh transfer for that year. The land was also found to remain agricultural land, supported by revenue records, cultivation and absence of conversion or urban inclusion, so it fell outside the definition of capital asset. Capital gains addition was therefore held unsustainable and the Revenue appeal was dismissed. en-us Wed, 17 Aug 2016 00:00:00 +0530 Tue, 06 Feb 2018 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332443 Execution of a joint development agreement and handing over of possession was analysed as a possible transfer for capital gains purposes. On the stated facts, the agreement gave the developer possession, approval rights and construction access, so the arrangement was treated as a transfer by part performance; however, the text states that this transfer did not arise in assessment year 2009-10 and that the later registered sale deed did not create a fresh transfer for that year. The land was also found to remain agricultural land, supported by revenue records, cultivation and absence of conversion or urban inclusion, so it fell outside the definition of capital asset. Capital gains addition was therefore held unsustainable and the Revenue appeal was dismissed. Case-Laws Income Tax Wed, 17 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332443