https://www.taxtmi.com/caselaws?id=343184 A joint development arrangement was examined to determine whether it constituted a transfer triggering capital gains tax under section 2(47)(v) of the Income-tax Act. The Tribunal applied the jurisdictional High Court's view that the agreement provided only for a pro rata transfer of land, that possession of the whole property was not delivered in part performance under section 53A of the Transfer of Property Act, and that an unregistered arrangement did not satisfy the conditions for section 53A. On that basis, section 2(47)(v) did not apply and the capital-gains addition based on an immediate transfer could not be sustained. en-us Thu, 18 May 2017 00:00:00 +0530 Sat, 20 May 2017 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343184 A joint development arrangement was examined to determine whether it constituted a transfer triggering capital gains tax under section 2(47)(v) of the Income-tax Act. The Tribunal applied the jurisdictional High Court's view that the agreement provided only for a pro rata transfer of land, that possession of the whole property was not delivered in part performance under section 53A of the Transfer of Property Act, and that an unregistered arrangement did not satisfy the conditions for section 53A. On that basis, section 2(47)(v) did not apply and the capital-gains addition based on an immediate transfer could not be sustained. Case-Laws Income Tax Thu, 18 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343184