https://www.taxtmi.com/caselaws?id=400689 A development agreement does not amount to a deemed transfer under section 2(47)(v) unless the requirements of section 53A of the Transfer of Property Act are satisfied. Here, the arrangement was not acted upon, no municipal sanction or development activity had commenced, the stated consideration was only a refundable security deposit, and effective possession had not been handed over. The developer was also not willing to perform its contractual obligations. On those facts, the deeming provision could not be invoked, so long-term capital gains could not be taxed merely because the agreement had been executed. en-us Mon, 08 Jun 2020 00:00:00 +0530 Fri, 13 Nov 2020 20:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400689 A development agreement does not amount to a deemed transfer under section 2(47)(v) unless the requirements of section 53A of the Transfer of Property Act are satisfied. Here, the arrangement was not acted upon, no municipal sanction or development activity had commenced, the stated consideration was only a refundable security deposit, and effective possession had not been handed over. The developer was also not willing to perform its contractual obligations. On those facts, the deeming provision could not be invoked, so long-term capital gains could not be taxed merely because the agreement had been executed. Case-Laws Income Tax Mon, 08 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400689