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2008 (3) TMI 380 - ITAT MADRAS-BComputation of Capital gains - Property transfer under development agreement treated as Transfer u/s 2(47)? withdrawal of exemption u/s 54 - HELD THAT:- Keeping in view the nature of the transaction between the assessee and the so-called developer, coupled with the transfer and the possession of the immovable properties, we find that the transaction amounts to conveyance in favour of the purchaser of the properties and the transfer was completed on the date when the purchases were executed and possession was handed over. By means of these documents executed by the assessee, the assessee had transferred all material rights and interests in the property, coupled with possession in favour of the purchaser which by no means is other than the transfer of the properties. In the present case, when the possession was handed over and total consideration was also agreed upon by the parties and the vendor was allowed to enjoy and entertain the property for the purpose it was taken over, then the transaction has fulfilled the conditions required under s. 53A of the Transfer of Property Act and, therefore, it is covered under the definition of transfer under s. 2 (47)(v) of the IT Act. We are of the considered view that the assessee has failed to established any case in its favour and accordingly, the appeal of the assessee is, devoid of merit. Hence, we confirm the order of the CIT(A) - In the result, the appeal filed by the assessee is dismissed.
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