https://www.taxtmi.com/caselaws?id=292935 Where possession is handed over under a joint development agreement and the arrangement is acted upon, transfer is complete for capital gains purposes under section 2(47)(v) read with part-performance principles in the year of handing over, even if formal conveyance or registration occurs later. Applying that principle, the capital gains from the development agreement accrued in assessment year 2007-08, not assessment year 2014-15. The reasoning on hypothetical income was inapplicable because the transaction had materialised and the developer had proceeded under the agreement. The Revenue's challenge therefore failed. en-us Fri, 05 Oct 2018 00:00:00 +0530 Wed, 13 Jan 2021 22:05:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292935 Where possession is handed over under a joint development agreement and the arrangement is acted upon, transfer is complete for capital gains purposes under section 2(47)(v) read with part-performance principles in the year of handing over, even if formal conveyance or registration occurs later. Applying that principle, the capital gains from the development agreement accrued in assessment year 2007-08, not assessment year 2014-15. The reasoning on hypothetical income was inapplicable because the transaction had materialised and the developer had proceeded under the agreement. The Revenue's challenge therefore failed. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292935