https://www.taxtmi.com/caselaws?id=375809 An irrevocable development agreement that grants the developer possession, licence, and effective control over the land is treated as a transfer by part performance, so capital gains tax is attracted under the Income-tax Act. The note further states that where the agreement gives an enforceable right to receive constructed area in kind, that right accrues under the contract and its value forms part of the full value of consideration for computation under section 48. It also distinguishes cases where the original agreement was rescinded and replaced, because the present agreement remained operative and enforceable. 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, licence, and effective control over the land is treated as a transfer by part performance, so capital gains tax is attracted under the Income-tax Act. The note further states that where the agreement gives an enforceable right to receive constructed area in kind, that right accrues under the contract and its value forms part of the full value of consideration for computation under section 48. It also distinguishes cases where the original agreement was rescinded and replaced, because the present agreement remained operative and enforceable. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375809