https://www.taxtmi.com/caselaws?id=308632 The Tribunal upheld the lower authorities' decisions, ruling that the Development Agreement constituted a 'transfer' under section 2(47)(v) of the Income-tax Act. The Tribunal confirmed the liability for long-term capital gain, emphasizing that the gain should be recognized in the year of the transfer. Additionally, the Tribunal declined to consider the market value determination based on the Registrar of Assurance records, ultimately dismissing the appeals and affirming the capital gain liability under the Income-tax Act. en-us Thu, 12 Jul 2012 00:00:00 +0530 Mon, 10 Jul 2023 13:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308632 The Tribunal upheld the lower authorities' decisions, ruling that the Development Agreement constituted a 'transfer' under section 2(47)(v) of the Income-tax Act. The Tribunal confirmed the liability for long-term capital gain, emphasizing that the gain should be recognized in the year of the transfer. Additionally, the Tribunal declined to consider the market value determination based on the Registrar of Assurance records, ultimately dismissing the appeals and affirming the capital gain liability under the Income-tax Act. Case-Laws Income Tax Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308632