https://www.taxtmi.com/caselaws?id=361077 Capital gains were not chargeable in the year under consideration because the development agreements did not satisfy the conditions for a transfer under the deeming provision in section 2(47)(v). Physical possession was not shown to have passed in the relevant year, one agreement was later cancelled without development, and the other was never effectively implemented, with the project ultimately taken over and completed by the landowners and others after the developer defaulted. On these facts, the agreements did not confer complete control over the property on the developer, and any capital gain was only hypothetical. en-us Wed, 23 May 2018 00:00:00 +0530 Tue, 29 May 2018 09:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361077 Capital gains were not chargeable in the year under consideration because the development agreements did not satisfy the conditions for a transfer under the deeming provision in section 2(47)(v). Physical possession was not shown to have passed in the relevant year, one agreement was later cancelled without development, and the other was never effectively implemented, with the project ultimately taken over and completed by the landowners and others after the developer defaulted. On these facts, the agreements did not confer complete control over the property on the developer, and any capital gain was only hypothetical. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361077