https://www.taxtmi.com/caselaws?id=375809 An irrevocable development agreement that grants the developer possession or effective control of land constitutes a transfer by part performance under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, attracting capital gains under section 45. Where the agreement remains operative and enforceable, the landowner's right to receive constructed area in kind accrues on execution and is not contingent merely because construction is pending. The value of that constructed area forms part of the full value of consideration for capital-gains computation under section 48. A precedent involving rescission and replacement of the original agreement does not apply where no such substitution occurred. en-us Fri, 22 Feb 2019 00:00:00 +0530 Mon, 25 Feb 2019 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375809 An irrevocable development agreement that grants the developer possession or effective control of land constitutes a transfer by part performance under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, attracting capital gains under section 45. Where the agreement remains operative and enforceable, the landowner's right to receive constructed area in kind accrues on execution and is not contingent merely because construction is pending. The value of that constructed area forms part of the full value of consideration for capital-gains computation under section 48. A precedent involving rescission and replacement of the original agreement does not apply where no such substitution occurred. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375809