https://www.taxtmi.com/caselaws?id=310552 A joint development agreement did not amount to a transfer of the capital asset in the relevant assessment year because the agreement excluded part performance under Section 53A of the Transfer of Property Act, 1882, and deferred the developer's power to alienate until completion of construction and receipt of the necessary clearances and occupation certificate. The clauses on permissive possession, power of attorney and tax payment showed that possession was granted only for development and construction, not as a completed transfer of rights. On that reading, the condition for transfer under Section 2(47)(v) of the Income-tax Act, 1961 was not satisfied, and the capital gains addition was unsustainable. en-us Tue, 10 Jan 2023 00:00:00 +0530 Mon, 30 Oct 2023 20:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310552 A joint development agreement did not amount to a transfer of the capital asset in the relevant assessment year because the agreement excluded part performance under Section 53A of the Transfer of Property Act, 1882, and deferred the developer's power to alienate until completion of construction and receipt of the necessary clearances and occupation certificate. The clauses on permissive possession, power of attorney and tax payment showed that possession was granted only for development and construction, not as a completed transfer of rights. On that reading, the condition for transfer under Section 2(47)(v) of the Income-tax Act, 1961 was not satisfied, and the capital gains addition was unsustainable. Case-Laws Income Tax Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310552