https://www.taxtmi.com/caselaws?id=342128 Capital gains under section 45 arise only on a transfer of a capital asset within section 2(47), and a development agreement is taxable as a transfer only if it satisfies the requirements of part performance under section 53A of the Transfer of Property Act. Those requirements include a written contract, ascertainable terms, consideration, delivery or continuation of possession in part performance, acts in furtherance, and readiness and willingness to perform. Where possession is not handed over and the elements of part performance are absent, the agreement does not amount to a transfer for capital gains purposes, and the resulting addition is not sustainable. en-us Fri, 21 Apr 2017 00:00:00 +0530 Thu, 27 Apr 2017 06:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342128 Capital gains under section 45 arise only on a transfer of a capital asset within section 2(47), and a development agreement is taxable as a transfer only if it satisfies the requirements of part performance under section 53A of the Transfer of Property Act. Those requirements include a written contract, ascertainable terms, consideration, delivery or continuation of possession in part performance, acts in furtherance, and readiness and willingness to perform. Where possession is not handed over and the elements of part performance are absent, the agreement does not amount to a transfer for capital gains purposes, and the resulting addition is not sustainable. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342128