No Capital Gains Tax Without Registered Agreement & Actual Transfer of Rights: Madras HC

CIT Vs Vijaya Productions Pvt. Ltd. (Madras High Court) Unregistered Joint Venture Agreement Held Insufficient to Trigger Capital Gains Tax; Capital Gains Assessment Set Aside as Joint Venture Was Not Implemented During Relevant Year; Deemed Transfer Under Income Tax Act Rejected Due to Lack of Possession and Consideration; Unregistered Development Agreement Cannot Create Transfer Under Section 2(47). The appeal was filed by the Commissioner of Income Tax, Chennai, against the order of the Income Tax Appellate Tribunal for the Assessment Year 2007-08. The dispute concerned whether a Joint Vent...