https://www.taxtmi.com/caselaws?id=393360 A joint development arrangement is taxable as a transfer only if the statutory ingredients of part-performance transfer under section 2(47)(v) read with section 53-A are satisfied. The article notes that, where the proposed transaction has not materialised and no income has actually accrued, any alleged capital gain remains hypothetical and cannot be conclusively taxed under sections 45 and 48. In the light of the governing Supreme Court precedent, the Madras HC found that the transfer issue could not be finally decided on the existing record and required fresh examination by the Assessing Officer. en-us Tue, 03 Mar 2020 00:00:00 +0530 Mon, 27 Jul 2020 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393360 A joint development arrangement is taxable as a transfer only if the statutory ingredients of part-performance transfer under section 2(47)(v) read with section 53-A are satisfied. The article notes that, where the proposed transaction has not materialised and no income has actually accrued, any alleged capital gain remains hypothetical and cannot be conclusively taxed under sections 45 and 48. In the light of the governing Supreme Court precedent, the Madras HC found that the transfer issue could not be finally decided on the existing record and required fresh examination by the Assessing Officer. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393360