https://www.taxtmi.com/caselaws?id=186689 A development agreement does not trigger a deemed transfer under section 2(47)(v) of the Income-tax Act unless the arrangement satisfies the elements of part performance under section 53A of the Transfer of Property Act and enables the transferee to enjoy the immovable property. Here, possession was not handed over, full consideration was not paid, and the amount received was only an advance toward the proposed transaction. On those facts, the legal conditions for transfer were not met, so capital gains could not be computed on the basis adopted by the Assessing Officer. en-us Tue, 04 Oct 2011 00:00:00 +0530 Tue, 19 Sep 2017 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186689 A development agreement does not trigger a deemed transfer under section 2(47)(v) of the Income-tax Act unless the arrangement satisfies the elements of part performance under section 53A of the Transfer of Property Act and enables the transferee to enjoy the immovable property. Here, possession was not handed over, full consideration was not paid, and the amount received was only an advance toward the proposed transaction. On those facts, the legal conditions for transfer were not met, so capital gains could not be computed on the basis adopted by the Assessing Officer. Case-Laws Income Tax Tue, 04 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186689