https://www.taxtmi.com/caselaws?id=368772 Capital gains under a joint development arrangement arise when there is an actual transfer of possession satisfying Section 2(47) of the Income-tax Act and Section 53A of the Transfer of Property Act. The relevant facts showed that the agreement was executed in 2000, but vacant possession reached the developer only in 2003 after occupants were vacated. A later reassessment for assessment year 2010-11 based mainly on the developer's letter that construction was ready for occupation was not sustainable, particularly where the construction was not in terms of the development agreement and the matter remained under litigation. The capital gains could not therefore be taxed in assessment year 2010-11. en-us Wed, 10 Oct 2018 00:00:00 +0530 Sat, 13 Oct 2018 15:08:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368772 Capital gains under a joint development arrangement arise when there is an actual transfer of possession satisfying Section 2(47) of the Income-tax Act and Section 53A of the Transfer of Property Act. The relevant facts showed that the agreement was executed in 2000, but vacant possession reached the developer only in 2003 after occupants were vacated. A later reassessment for assessment year 2010-11 based mainly on the developer's letter that construction was ready for occupation was not sustainable, particularly where the construction was not in terms of the development agreement and the matter remained under litigation. The capital gains could not therefore be taxed in assessment year 2010-11. Case-Laws Income Tax Wed, 10 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368772