https://www.taxtmi.com/caselaws?id=343430 A development agreement may trigger a deemed transfer for capital gains when possession is given in part performance and the developer obtains effective control, even if the final conveyance is not yet registered or completed. The constructed area allotted to the landowners is treated as a separate capital asset, so any actual transfer of that share is taxable in the year it is effected, with capital gains computed under section 48. An appellate direction affecting non-party co-owners is unsustainable where they were not heard. en-us Thu, 11 May 2017 00:00:00 +0530 Thu, 25 May 2017 10:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343430 A development agreement may trigger a deemed transfer for capital gains when possession is given in part performance and the developer obtains effective control, even if the final conveyance is not yet registered or completed. The constructed area allotted to the landowners is treated as a separate capital asset, so any actual transfer of that share is taxable in the year it is effected, with capital gains computed under section 48. An appellate direction affecting non-party co-owners is unsustainable where they were not heard. Case-Laws Income Tax Thu, 11 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343430