https://www.taxtmi.com/caselaws?id=191437 Notional capital gains under a development agreement could not be taxed for the remaining land because the transaction did not satisfy the requirements of transfer by part performance under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act. Only part of the plot had been sold, only part consideration had been received, and registry had been executed only to that extent. As possession of the entire land was not handed over and the mandatory conditions for section 53A were not met, the arrangement was not a completed transfer for the balance land. No capital gain therefore accrued on that portion, and the issue was decided in favour of the assessee. en-us Mon, 27 Jun 2016 00:00:00 +0530 Tue, 04 Apr 2017 09:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191437 Notional capital gains under a development agreement could not be taxed for the remaining land because the transaction did not satisfy the requirements of transfer by part performance under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act. Only part of the plot had been sold, only part consideration had been received, and registry had been executed only to that extent. As possession of the entire land was not handed over and the mandatory conditions for section 53A were not met, the arrangement was not a completed transfer for the balance land. No capital gain therefore accrued on that portion, and the issue was decided in favour of the assessee. Case-Laws Income Tax Mon, 27 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191437