Capital Gains Require Proof of Transfer of Possession and Consideration Under Sections 2(47) & 45

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....The ITAT remanded the matter to the Jurisdictional AO for further verification regarding possession and consideration under the development agreement. The Tribunal held that for a capital gains event under sections 2(47) and 45, both transfer of possession and receipt of consideration must be established. Since the assessee and co-owners still physically possess the property and no construction or consideration transfer has been demonstrated, the Tribunal found the addition for long-term capital gains premature. The AO was directed to conduct an inspection or obtain a remand report to ascertain possession status and payment of consideration. If possession remains with the assessee and no consideration was passed, no capital gains addition s.........