https://www.taxtmi.com/caselaws?id=285285 Capital gains from a development agreement could not be taxed on the entire agreed consideration on accrual basis because the arrangement did not satisfy the conditions of section 53A of the Transfer of Property Act, 1882, and therefore did not trigger section 2(47)(v) of the Income-tax Act, 1961. Where possession was not delivered in the manner required for part performance and the agreement was unregistered, no completed transfer arose on notional accrual. The capital gains computation was to be made only on actual receipts during the year, with any balance taxable, if at all, in the year of receipt. en-us Mon, 11 Sep 2017 00:00:00 +0530 Thu, 14 Nov 2024 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285285 Capital gains from a development agreement could not be taxed on the entire agreed consideration on accrual basis because the arrangement did not satisfy the conditions of section 53A of the Transfer of Property Act, 1882, and therefore did not trigger section 2(47)(v) of the Income-tax Act, 1961. Where possession was not delivered in the manner required for part performance and the agreement was unregistered, no completed transfer arose on notional accrual. The capital gains computation was to be made only on actual receipts during the year, with any balance taxable, if at all, in the year of receipt. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285285