https://www.taxtmi.com/caselaws?id=468118 Handing over land for development under a development agreement-cum-general power of attorney did not amount to a transfer under section 2(47)(v) because the arrangement was only for land pooling and construction, the developer's payment was a refundable performance security, and the agreement excluded delivery of possession in part performance; the capital gains addition was therefore unsustainable. An addition for unexplained gold jewellery also failed because the assessee gave a contemporaneous explanation in the section 132(4) statement, supported by an affidavit and confirmation, and no adverse material rebutted that explanation; the jewellery addition was deleted. en-us Thu, 13 Feb 2025 00:00:00 +0530 Thu, 16 Apr 2026 19:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468118 Handing over land for development under a development agreement-cum-general power of attorney did not amount to a transfer under section 2(47)(v) because the arrangement was only for land pooling and construction, the developer's payment was a refundable performance security, and the agreement excluded delivery of possession in part performance; the capital gains addition was therefore unsustainable. An addition for unexplained gold jewellery also failed because the assessee gave a contemporaneous explanation in the section 132(4) statement, supported by an affidavit and confirmation, and no adverse material rebutted that explanation; the jewellery addition was deleted. Case-Laws Income Tax Thu, 13 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468118