https://www.taxtmi.com/caselaws?id=424767 Mere permissive possession under a joint development agreement does not amount to transfer under section 2(47)(v) unless the arrangement satisfies part performance under section 53A of the Transfer of Property Act, 1882. Where the developer is only given a licence to enter, while the owner retains inspection rights and legal possession is not delivered, the transfer condition is not met. If the proposed project later fails because of legal restraints, such as refusal of environmental consent, the arrangement does not result in a completed transfer and capital gains under section 45 do not arise for that year. en-us Tue, 05 Jul 2022 00:00:00 +0530 Fri, 08 Jul 2022 09:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424767 Mere permissive possession under a joint development agreement does not amount to transfer under section 2(47)(v) unless the arrangement satisfies part performance under section 53A of the Transfer of Property Act, 1882. Where the developer is only given a licence to enter, while the owner retains inspection rights and legal possession is not delivered, the transfer condition is not met. If the proposed project later fails because of legal restraints, such as refusal of environmental consent, the arrangement does not result in a completed transfer and capital gains under section 45 do not arise for that year. Case-Laws Income Tax Tue, 05 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424767