https://www.taxtmi.com/caselaws?id=794919 A development agreement may not constitute a transfer under Section 2(47)(v) of the Income-tax Act where the landowner retains legal rights, receives no consideration during the relevant year, and grants only permissive entry for construction. Section 2(47)(v) requires possession taken or retained in part performance of a contract satisfying Section 53A of the Transfer of Property Act. Where construction is to be completed later and possession is not transferred in that statutory sense, the provision is inapplicable. Section 2(47)(vi) also requires evidence that the arrangement transferred or enabled enjoyment of the property during the relevant year. On the stated facts, no real income accrued and capital gains were not chargeable for that year. en-us Thu, 09 Jul 2026 00:00:00 +0530 Tue, 14 Jul 2026 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794919 A development agreement may not constitute a transfer under Section 2(47)(v) of the Income-tax Act where the landowner retains legal rights, receives no consideration during the relevant year, and grants only permissive entry for construction. Section 2(47)(v) requires possession taken or retained in part performance of a contract satisfying Section 53A of the Transfer of Property Act. Where construction is to be completed later and possession is not transferred in that statutory sense, the provision is inapplicable. Section 2(47)(vi) also requires evidence that the arrangement transferred or enabled enjoyment of the property during the relevant year. On the stated facts, no real income accrued and capital gains were not chargeable for that year. Case-Laws Income Tax Thu, 09 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794919