https://www.taxtmi.com/caselaws?id=761547 A registered development agreement cum general power of attorney, where the document records delivery of vacant physical possession to the developer, constitutes a transfer of a capital asset for capital gains purposes in the year of execution and possession transfer. The tribunal gave primacy to the registered recitals over a later affidavit denying possession, and held that subsequent local authority permissions did not alter the taxability of the transaction. Reliance on Supreme Court rulings dealing with unregistered or inchoate development arrangements was rejected because the present arrangement was registered and coupled with contractual possession for development. The capital gains addition was therefore sustained. en-us Tue, 22 Oct 2024 00:00:00 +0530 Tue, 12 Nov 2024 08:54:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761547 A registered development agreement cum general power of attorney, where the document records delivery of vacant physical possession to the developer, constitutes a transfer of a capital asset for capital gains purposes in the year of execution and possession transfer. The tribunal gave primacy to the registered recitals over a later affidavit denying possession, and held that subsequent local authority permissions did not alter the taxability of the transaction. Reliance on Supreme Court rulings dealing with unregistered or inchoate development arrangements was rejected because the present arrangement was registered and coupled with contractual possession for development. The capital gains addition was therefore sustained. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761547