https://www.taxtmi.com/caselaws?id=59679 Section 2(47)(v) deems a transfer only where the underlying arrangement satisfies section 53A of the Transfer of Property Act, including the transferee's readiness and willingness to perform. Repeated defaults, requests for rescheduling, and failure to meet the stipulated payment schedule showed that this essential requirement was absent, so the arrangement could not be treated as a deemed transfer for the relevant year. The reopening under section 147 was also unsustainable because it rested on the same erroneous assumption that mere execution of the development arrangement and licence to enter the property was enough to trigger deemed transfer. Accordingly, the capital gains were not taxable in that assessment year and the reassessment basis failed. en-us Thu, 07 Dec 2006 00:00:00 +0530 Thu, 29 Feb 2024 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59679 Section 2(47)(v) deems a transfer only where the underlying arrangement satisfies section 53A of the Transfer of Property Act, including the transferee's readiness and willingness to perform. Repeated defaults, requests for rescheduling, and failure to meet the stipulated payment schedule showed that this essential requirement was absent, so the arrangement could not be treated as a deemed transfer for the relevant year. The reopening under section 147 was also unsustainable because it rested on the same erroneous assumption that mere execution of the development arrangement and licence to enter the property was enough to trigger deemed transfer. Accordingly, the capital gains were not taxable in that assessment year and the reassessment basis failed. Case-Laws Income Tax Thu, 07 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59679