https://www.taxtmi.com/caselaws?id=350829 Development agreements granting development rights attract capital gains tax under section 2(47)(v) only where the transaction satisfies section 53A of the Transfer of Property Act, including effective delivery of possession in part performance. Where the record does not show that possession was actually handed over, the foundational requirement for treating the arrangement as a transfer is not established, and taxability cannot be sustained on an incomplete or hypothetical transaction. The ITAT therefore set aside the finding of taxability for the year and remitted the matter for de novo examination of possession and consequential capital gains consequences, including any computation issues arising only if the transfer is first proved. en-us Wed, 08 Nov 2017 00:00:00 +0530 Tue, 14 Nov 2017 04:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350829 Development agreements granting development rights attract capital gains tax under section 2(47)(v) only where the transaction satisfies section 53A of the Transfer of Property Act, including effective delivery of possession in part performance. Where the record does not show that possession was actually handed over, the foundational requirement for treating the arrangement as a transfer is not established, and taxability cannot be sustained on an incomplete or hypothetical transaction. The ITAT therefore set aside the finding of taxability for the year and remitted the matter for de novo examination of possession and consequential capital gains consequences, including any computation issues arising only if the transfer is first proved. Case-Laws Income Tax Wed, 08 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350829