https://www.taxtmi.com/caselaws?id=777225 A development agreement that grants only a permissive right to enter and construct, while title and legal possession remain with the owner, does not constitute a transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act; capital gains could not be brought to tax in the earlier years on that basis. Advances and escrow receipts under such arrangements are not taxable before completion of the projects where income has not yet accrued with reasonable certainty, so taxation arose only on final settlement. The consequential penalty under section 221(1) failed once the substantive additions were deleted, while interest under section 234C required fresh computation and verification. en-us Wed, 08 Jan 2025 00:00:00 +0530 Wed, 27 Aug 2025 08:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777225 A development agreement that grants only a permissive right to enter and construct, while title and legal possession remain with the owner, does not constitute a transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act; capital gains could not be brought to tax in the earlier years on that basis. Advances and escrow receipts under such arrangements are not taxable before completion of the projects where income has not yet accrued with reasonable certainty, so taxation arose only on final settlement. The consequential penalty under section 221(1) failed once the substantive additions were deleted, while interest under section 234C required fresh computation and verification. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777225