2019 (2) TMI 2041 - SCH - Income Tax

Capital gain - Scope and legislative intent of Section 2(47)(ii), (v) and (vi) - JDA entered - essential ingredients for applicability of Section 53A of 1882 Act - Meaning to be assigned to the term possession - taxable capital gains arises from the transaction entered by the assessee - as decided by HC no possession had been given by the transferor to the transferee of the entire land in part performance of JDA so as to fall within the domain of Section 53A of 1882 Act - The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee - In the absence of registration of JDA having been executed after 24.09.2001, the agreement does not fall under Section 53A of 1882 Act and consequently Section 2(47)(v) of the Act does not apply. HELD THAT - SLP dismissed.

Summary

Title: Supreme Court Judgment 2019 (2) TMI 2041 - SC

Judges: Mr. Rohinton Fali Nariman and Mr. Vineet Saran, JJ.

Petitioner's Counsel: Mr. Sanjay Jain, ASG., Mr. Manish Pushkarna, Adv., Ms. Purnima Bhat Kak, Adv., Mrs. Anil Katiyar, AOR.

Respondent: None

Decision: Special leave petition dismissed.