https://www.taxtmi.com/caselaws?id=297249 A joint development agreement coupled with an irrevocable power of attorney was treated as a transfer for income-tax purposes because effective possession and control passed to the developer, bringing section 2(47)(v) and section 2(47)(vi) into play. Capital gains were therefore computed in the year the arrangement was entered into, and section 45 read with section 48 required the full consideration received or accruing on transfer to be taxed, including the value of flats to be received later. The cancellation plea and the argument that only completed receipts could be taxed were rejected; the section 54F point was not adjudicated. en-us Fri, 28 Feb 2014 00:00:00 +0530 Wed, 25 Aug 2021 09:06:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297249 A joint development agreement coupled with an irrevocable power of attorney was treated as a transfer for income-tax purposes because effective possession and control passed to the developer, bringing section 2(47)(v) and section 2(47)(vi) into play. Capital gains were therefore computed in the year the arrangement was entered into, and section 45 read with section 48 required the full consideration received or accruing on transfer to be taxed, including the value of flats to be received later. The cancellation plea and the argument that only completed receipts could be taxed were rejected; the section 54F point was not adjudicated. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297249