https://www.taxtmi.com/caselaws?id=371861 Capital gains under a development agreement cannot be taxed merely because the agreement is executed; deemed transfer under section 2(47)(v) applies only where the section 53A conditions are satisfied and income has actually accrued. On the record, there was no evidence of receipt of consideration or a vested right to receive it in the relevant year, and no actual performance by the developer establishing accrual. Accordingly, the agreement by itself did not trigger taxable capital gains for that year, and the addition was deleted in favour of the assessee. en-us Fri, 30 Nov 2018 00:00:00 +0530 Thu, 13 Dec 2018 14:05:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371861 Capital gains under a development agreement cannot be taxed merely because the agreement is executed; deemed transfer under section 2(47)(v) applies only where the section 53A conditions are satisfied and income has actually accrued. On the record, there was no evidence of receipt of consideration or a vested right to receive it in the relevant year, and no actual performance by the developer establishing accrual. Accordingly, the agreement by itself did not trigger taxable capital gains for that year, and the addition was deleted in favour of the assessee. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371861