https://www.taxtmi.com/caselaws?id=795257 Capital-gains taxation under a joint development arrangement requires an effective, enforceable and final transfer of possession and rights under section 2(47)(v) read with section 53A. Subsequent partition litigation, property re-allocation and a later development agreement indicated that the original arrangement lacked finality, so no taxable capital gain accrued in the relevant year. Agricultural income from inherited land cannot be recharacterised as income from other sources merely because older contemporaneous records are unavailable where land use and prior agricultural income remain supported and uncontroverted. A third-party statement under section 132(4) requires corroborative material linking undisclosed income to the assessee; ad hoc apportionment without such material is unsustainable. en-us Thu, 05 Mar 2026 00:00:00 +0530 Mon, 20 Jul 2026 09:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795257 Capital-gains taxation under a joint development arrangement requires an effective, enforceable and final transfer of possession and rights under section 2(47)(v) read with section 53A. Subsequent partition litigation, property re-allocation and a later development agreement indicated that the original arrangement lacked finality, so no taxable capital gain accrued in the relevant year. Agricultural income from inherited land cannot be recharacterised as income from other sources merely because older contemporaneous records are unavailable where land use and prior agricultural income remain supported and uncontroverted. A third-party statement under section 132(4) requires corroborative material linking undisclosed income to the assessee; ad hoc apportionment without such material is unsustainable. Case-Laws Income Tax Thu, 05 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795257