https://www.taxtmi.com/caselaws?id=369379 Execution of a joint development agreement did not by itself amount to a transfer of the capital asset for capital gains purposes in the relevant previous year. Section 45 applies only if a transfer occurs in that year, and the deeming rule in section 2(47)(v) operates only when possession is allowed or retained in part performance within section 53A of the Transfer of Property Act. Here, the agreement described the developer's entry as mere permission to enter, not delivery of possession in part performance, and later material showed legal possession was given only subsequently. No transfer arose in assessment year 2006-07, so capital gains could not be taxed then and the addition was deleted. en-us Fri, 12 Oct 2018 00:00:00 +0530 Fri, 26 Oct 2018 06:23:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369379 Execution of a joint development agreement did not by itself amount to a transfer of the capital asset for capital gains purposes in the relevant previous year. Section 45 applies only if a transfer occurs in that year, and the deeming rule in section 2(47)(v) operates only when possession is allowed or retained in part performance within section 53A of the Transfer of Property Act. Here, the agreement described the developer's entry as mere permission to enter, not delivery of possession in part performance, and later material showed legal possession was given only subsequently. No transfer arose in assessment year 2006-07, so capital gains could not be taxed then and the addition was deleted. Case-Laws Income Tax Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369379