https://www.taxtmi.com/caselaws?id=377182 A joint development agreement and power of attorney did not amount to a transfer of the capital asset in assessment year 2011-12 because the developer received only limited access for survey and planning, physical possession was not handed over, and the conditions for part performance under section 53A of the Transfer of Property Act were not satisfied. As no transaction falling within section 2(47) of the Income-tax Act was established in that year, capital gains arose only in the later year when the transfer was completed. On that basis, exemption under section 54 was available for the later assessment year, and the Tribunal's factual findings were upheld. en-us Mon, 25 Feb 2019 00:00:00 +0530 Sun, 24 Mar 2019 00:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377182 A joint development agreement and power of attorney did not amount to a transfer of the capital asset in assessment year 2011-12 because the developer received only limited access for survey and planning, physical possession was not handed over, and the conditions for part performance under section 53A of the Transfer of Property Act were not satisfied. As no transaction falling within section 2(47) of the Income-tax Act was established in that year, capital gains arose only in the later year when the transfer was completed. On that basis, exemption under section 54 was available for the later assessment year, and the Tribunal's factual findings were upheld. Case-Laws Income Tax Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377182