https://www.taxtmi.com/caselaws?id=768883 A development agreement that merely grants a licence to construct does not amount to a transfer under section 2(47)(v) of the Income-tax Act, 1961 unless possession is transferred in part performance under section 53A of the Transfer of Property Act, 1882. On the facts stated, the supplementary agreement and commencement certificate arose in the later assessment year, and the flats forming consideration were handed over and sold only then. Capital gains were therefore not chargeable in assessment year 2012-13, and the addition made on that basis was deleted. en-us Wed, 09 Apr 2025 00:00:00 +0530 Tue, 15 Apr 2025 08:35:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768883 A development agreement that merely grants a licence to construct does not amount to a transfer under section 2(47)(v) of the Income-tax Act, 1961 unless possession is transferred in part performance under section 53A of the Transfer of Property Act, 1882. On the facts stated, the supplementary agreement and commencement certificate arose in the later assessment year, and the flats forming consideration were handed over and sold only then. Capital gains were therefore not chargeable in assessment year 2012-13, and the addition made on that basis was deleted. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768883