https://www.taxtmi.com/caselaws?id=59441 Capital gains under section 2(47)(v) arise only when possession is allowed in part performance of a contract covered by section 53A of the Transfer of Property Act, 1882. In a development-cum-sale arrangement with staged consideration, cancellation rights on default, and delivery of possession linked to receipt of a statutory no-objection certificate and balance payment, execution of the agreement alone did not transfer effective control. Where only earnest money was paid at execution and possession remained with the owners until a later date, the transfer was not complete in the agreement year and capital gains were not chargeable then. en-us Fri, 09 Jun 2006 00:00:00 +0530 Sat, 24 Feb 2024 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59441 Capital gains under section 2(47)(v) arise only when possession is allowed in part performance of a contract covered by section 53A of the Transfer of Property Act, 1882. In a development-cum-sale arrangement with staged consideration, cancellation rights on default, and delivery of possession linked to receipt of a statutory no-objection certificate and balance payment, execution of the agreement alone did not transfer effective control. Where only earnest money was paid at execution and possession remained with the owners until a later date, the transfer was not complete in the agreement year and capital gains were not chargeable then. Case-Laws Income Tax Fri, 09 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59441