https://www.taxtmi.com/caselaws?id=381577 Section 2(47)(v) read with section 53A can treat a transaction as a transfer when possession is delivered in part performance of a contract, but the Tribunal found that the assessee had acted only as a name lender, received no consideration, and that the group concerns bore the acquisition and development costs. On those facts, the effective transfer had occurred when the lands were agricultural lands and therefore outside the definition of capital asset under section 2(14)(iii). The later execution of sale deeds in the year under appeal did not alter that earlier character, so the short-term capital gain addition was not sustainable. en-us Mon, 27 May 2019 00:00:00 +0530 Thu, 13 Jun 2019 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381577 Section 2(47)(v) read with section 53A can treat a transaction as a transfer when possession is delivered in part performance of a contract, but the Tribunal found that the assessee had acted only as a name lender, received no consideration, and that the group concerns bore the acquisition and development costs. On those facts, the effective transfer had occurred when the lands were agricultural lands and therefore outside the definition of capital asset under section 2(14)(iii). The later execution of sale deeds in the year under appeal did not alter that earlier character, so the short-term capital gain addition was not sustainable. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381577