https://www.taxtmi.com/caselaws?id=365777 Where a development agreement provided only for receipt of 35% of the constructed residential area on project completion, capital gains did not accrue in the year of execution because no monetary consideration was payable and the agreed consideration had neither been received nor accrued. The development was not completed in the relevant assessment year, the developer had not performed its obligations, and disputes over delay showed that the conditions for part performance under section 53A were not satisfied, including willingness to perform. Mere execution of the agreement therefore did not amount to a transfer under section 2(47)(v), and no long-term capital gain was chargeable in that year. en-us Tue, 21 Aug 2018 00:00:00 +0530 Thu, 23 Aug 2018 09:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365777 Where a development agreement provided only for receipt of 35% of the constructed residential area on project completion, capital gains did not accrue in the year of execution because no monetary consideration was payable and the agreed consideration had neither been received nor accrued. The development was not completed in the relevant assessment year, the developer had not performed its obligations, and disputes over delay showed that the conditions for part performance under section 53A were not satisfied, including willingness to perform. Mere execution of the agreement therefore did not amount to a transfer under section 2(47)(v), and no long-term capital gain was chargeable in that year. Case-Laws Income Tax Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365777