https://www.taxtmi.com/caselaws?id=308632 Execution of a development agreement cum general power of attorney, together with delivery of possession and substantial development rights to the developer, was treated as a transfer under section 2(47)(v) of the Income-tax Act. The deeming provision applies where possession is allowed in part performance of a contract of the kind contemplated by section 53A of the Transfer of Property Act. Because the arrangement conferred general control over the property and consideration was structured partly in cash and partly in kind, the transaction fell within the charging framework of section 45 and capital gains became taxable in the year of transfer. The capital gains addition was sustained. 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 Execution of a development agreement cum general power of attorney, together with delivery of possession and substantial development rights to the developer, was treated as a transfer under section 2(47)(v) of the Income-tax Act. The deeming provision applies where possession is allowed in part performance of a contract of the kind contemplated by section 53A of the Transfer of Property Act. Because the arrangement conferred general control over the property and consideration was structured partly in cash and partly in kind, the transaction fell within the charging framework of section 45 and capital gains became taxable in the year of transfer. The capital gains addition was sustained. Case-Laws Income Tax Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308632