https://www.taxtmi.com/caselaws?id=310891 A joint development agreement did not give rise to taxable capital gains in the relevant assessment year because the conditions for a transfer under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act were not satisfied. The developer had not obtained municipal approvals, development had not commenced, and effective possession of the immovable property was not shown to have been handed over. The amount received was only an interest-free refundable security deposit, so capital gains could not be treated as having accrued merely on execution of the agreement. en-us Wed, 22 Dec 2021 00:00:00 +0530 Thu, 23 Nov 2023 19:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310891 A joint development agreement did not give rise to taxable capital gains in the relevant assessment year because the conditions for a transfer under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act were not satisfied. The developer had not obtained municipal approvals, development had not commenced, and effective possession of the immovable property was not shown to have been handed over. The amount received was only an interest-free refundable security deposit, so capital gains could not be treated as having accrued merely on execution of the agreement. Case-Laws Income Tax Wed, 22 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310891