https://www.taxtmi.com/caselaws?id=355733 For section 2(47)(v) of the Income-tax Act, a transfer of immovable property under a development arrangement occurs only when possession and complete control are actually handed over in part performance of the contract under section 53A of the Transfer of Property Act. Earlier powers of attorney that merely describe the owner as being in possession do not, by themselves, create a taxable transfer. On the facts noted, the agreement and the assessee's own reply showed that possession had not been given earlier and only limited access for work was permitted, so the transfer was taken to have occurred only in assessment year 2002-03. en-us Wed, 17 Jan 2018 00:00:00 +0530 Fri, 16 Feb 2018 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355733 For section 2(47)(v) of the Income-tax Act, a transfer of immovable property under a development arrangement occurs only when possession and complete control are actually handed over in part performance of the contract under section 53A of the Transfer of Property Act. Earlier powers of attorney that merely describe the owner as being in possession do not, by themselves, create a taxable transfer. On the facts noted, the agreement and the assessee's own reply showed that possession had not been given earlier and only limited access for work was permitted, so the transfer was taken to have occurred only in assessment year 2002-03. Case-Laws Income Tax Wed, 17 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355733