https://www.taxtmi.com/caselaws?id=372369 An unregistered joint development agreement and irrevocable power of attorney did not constitute a deemed transfer under section 2(47)(v) of the Income-tax Act because the arrangement failed the requirements of section 53A of the Transfer of Property Act. The developer had only limited possession for development, the assessee retained ownership and material control, development was not completed within the stipulated time, and no consideration accrued in the relevant year as contended by the Revenue. In the absence of a registered and legally enforceable contract, the agreement lacked efficacy for part-performance purposes. Capital gains could not therefore be taxed in the relevant assessment year, and the addition was deleted in favour of the assessee. en-us Mon, 17 Dec 2018 00:00:00 +0530 Fri, 21 Dec 2018 07:08:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372369 An unregistered joint development agreement and irrevocable power of attorney did not constitute a deemed transfer under section 2(47)(v) of the Income-tax Act because the arrangement failed the requirements of section 53A of the Transfer of Property Act. The developer had only limited possession for development, the assessee retained ownership and material control, development was not completed within the stipulated time, and no consideration accrued in the relevant year as contended by the Revenue. In the absence of a registered and legally enforceable contract, the agreement lacked efficacy for part-performance purposes. Capital gains could not therefore be taxed in the relevant assessment year, and the addition was deleted in favour of the assessee. Case-Laws Income Tax Mon, 17 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372369