https://www.taxtmi.com/caselaws?id=427383 Permissive possession under a joint development agreement does not amount to transfer under section 2(47)(v) unless the arrangement satisfies section 53A of the Transfer of Property Act, 1882. Where the developer is treated only as a licensee, the owner retains possession, and the agreement is not intended to operate as delivery of possession in part performance, the essential ingredients of section 53A are absent. In that situation, the deeming fiction in section 2(47)(v) cannot be invoked, so no transfer arises during the relevant year and capital gains are not taxable in the owner's hands. en-us Tue, 15 Mar 2022 00:00:00 +0530 Wed, 07 Sep 2022 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427383 Permissive possession under a joint development agreement does not amount to transfer under section 2(47)(v) unless the arrangement satisfies section 53A of the Transfer of Property Act, 1882. Where the developer is treated only as a licensee, the owner retains possession, and the agreement is not intended to operate as delivery of possession in part performance, the essential ingredients of section 53A are absent. In that situation, the deeming fiction in section 2(47)(v) cannot be invoked, so no transfer arises during the relevant year and capital gains are not taxable in the owner's hands. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427383