If willingness of developer to perform his obligations cannot be ascertained, there is no ‘transfer’ u/s 2(47)(v) r.w.s. 53A

CA Sandeep Kanoi It is an undisputed fact that as on date, there was no developmental activity on the land which is subject matter of development agreement. The process of construction has not been even initiated and no approval for the construction of the building is obtained. Thus, the sale consideration in the form of developed area has not been received. Mere receipt of refundable deposit cannot be termed as receipt of consideration. Further, as submitted , the Assessing Officer calculated the capital gain on the entire land, even though the assessee has retained 38% share to itself. The v...