https://www.taxtmi.com/caselaws?id=192002 Capital gains could not be assessed on untransferred land under a joint development agreement because the conditions of section 53A of the Transfer of Property Act were not met. The developers were not shown to have received possession of the remaining land in part performance, nor were they established as willing and able to perform their contractual obligations. As section 53A was inapplicable, section 2(47)(v) of the Income-tax Act could not deem a transfer for capital gains purposes, and no taxable accrual arose on a hypothetical basis. The addition towards long-term capital gains was therefore deleted. en-us Fri, 14 Oct 2016 00:00:00 +0530 Tue, 09 May 2017 08:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192002 Capital gains could not be assessed on untransferred land under a joint development agreement because the conditions of section 53A of the Transfer of Property Act were not met. The developers were not shown to have received possession of the remaining land in part performance, nor were they established as willing and able to perform their contractual obligations. As section 53A was inapplicable, section 2(47)(v) of the Income-tax Act could not deem a transfer for capital gains purposes, and no taxable accrual arose on a hypothetical basis. The addition towards long-term capital gains was therefore deleted. Case-Laws Income Tax Fri, 14 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192002