https://www.taxtmi.com/caselaws?id=424835 Permissive entry under a development agreement did not amount to possession in part performance under section 53A of the Transfer of Property Act, so section 2(47)(v) was not triggered in assessment year 2009-10; the capital gain arose only on completion of construction and handing over of the owner's share, taxable in assessment year 2012-13. In valuing transfer of development rights, section 50C did not apply to rights in land, and the consideration was confined to 42% of the DVO-determined construction cost; the component linked to loading of TDR was not taxable. The interest disallowance and addition for unexplained expenditure were upheld for lack of supporting proof. en-us Wed, 06 Jul 2022 00:00:00 +0530 Fri, 08 Jul 2022 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424835 Permissive entry under a development agreement did not amount to possession in part performance under section 53A of the Transfer of Property Act, so section 2(47)(v) was not triggered in assessment year 2009-10; the capital gain arose only on completion of construction and handing over of the owner's share, taxable in assessment year 2012-13. In valuing transfer of development rights, section 50C did not apply to rights in land, and the consideration was confined to 42% of the DVO-determined construction cost; the component linked to loading of TDR was not taxable. The interest disallowance and addition for unexplained expenditure were upheld for lack of supporting proof. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424835