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2014 (3) TMI 292 - AT - Income TaxCapital Gain - Transfer u/s 2(47) - Claim of deduction u/s 54F of the Act - Development Agreement to develop the property - liability of the capital gains of the co-owners – Held that:- The decision in Ms. K. Radhika Versus Deputy Commissioner of Income-tax, Central Circle-2 [2011 (9) TMI 257 - ITAT HYDERABAD] followed - the provisions of deemed transfer under Section 2(47)(v) could not have been invoked - Without accrual of the consideration to the assessee, the assessee is not expected to pay capital gains on the entire agreed sales consideration - When time is essence of the contract, and the time schedule is not adhered to, it cannot be said that such a contract confers any rights on the vendor/landlord to seek redressal under section 53A of the Transfer of Property Act - The agreement cannot be said to be in the nature of a contract referred to in section 53A of the Transfer of Property Act - It cannot be said that the provisions of section 2(47)(v) will apply in the situation – thus, the capital gains could not have been taxed – Decided in favour of Assessee.
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