https://www.taxtmi.com/caselaws?id=438297 Section 2(47)(v) applies to a joint development agreement only where possession of immovable property is given in part performance of a contract satisfying section 53A of the Transfer of Property Act, and the transferee has performed or is willing to perform the contract. Here, the agreement expressly stated that the developer's access was not delivery of possession under section 53A, the owner retained possession until performance, and the land was converted and possession handed over only later. On those facts, the transfer fiction did not operate in assessment year 2011-12, so capital gains could not be taxed in that year. en-us Thu, 25 May 2023 00:00:00 +0530 Sat, 27 May 2023 09:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438297 Section 2(47)(v) applies to a joint development agreement only where possession of immovable property is given in part performance of a contract satisfying section 53A of the Transfer of Property Act, and the transferee has performed or is willing to perform the contract. Here, the agreement expressly stated that the developer's access was not delivery of possession under section 53A, the owner retained possession until performance, and the land was converted and possession handed over only later. On those facts, the transfer fiction did not operate in assessment year 2011-12, so capital gains could not be taxed in that year. Case-Laws Income Tax Thu, 25 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438297