The concept of transfer has been defined by law in section 2 (47) only with regard to capital assets. The definition of assignment in Section 2 (47) cannot therefore apply to the sale/transfer of shares in the trading of JDA or others. The property was handed over for the execution of the work by the developer and there was no document other than the development contract that transferred ownership of the property to the developer. In the absence of a transfer of ownership of the property and consideration at the time of the urban planning contract, the handing over of the property was only a temporary measure of execution of the works by the developer and the exclusive possession of the property in the legal sense remained by the expert who, at the time of the execution by the Assessee, of the deed of sale of the housing built. The expert had executed all the sales documents for the transfer of the built dwellings to the benefit of the end user / buyer, so that the transfer of the proportional land took place only when the expert transferred the built property through sales instruments and offered the commercial income accepted by the department. In any event, if the judge had retained the part of the land that was proportionate to the built-up area to be retained by the judge, the question was not raised of a transfer of the entire land to the developer. In this case, ITAT, in addition to various clauses of the JDA, which does not provide for a transfer of ownership, also ignored the action of the valuation company of the conversion of capital into stock in trade during previous years of investment and treated the transfer only as a capital asset. It was decided that, as already mentioned, the new tax regime in Article 45(5A) applies only in the event of a transfer of capital to JDA. In the case of the conversion of capital assets into shares under negotiation by the owner before the conclusion of a registered development contract, the advantage of Article 45(5A), i.e. the deferral of the tax debt until the date of completion of the project, and the capital gain resulting from the conversion and the commercial profit resulting from the sale/disposal of shares in the trade, is not available; are taxed in accordance with Article 45(2) of the Law. Under Article 45(2), the conversion of land into trading stocks in the year of its sale would be taxable on the basis of fair value on the day of conversion. Since, on 10.9.2003, the stocks were transferred from the assessee to “S”, that is: on the date on which the Assessee gave an irrevocable power in favour of “S”, as a result of which the latter obtained possession and disposal of the area allocated to him, the benefit of the transfer of portfolios, representing the difference between the fair value of the built-up area allocated to the appraiser and the fair value of the capital at the time of conversion into shares; become taxable as business profits only in the relevant tax year. To this end, it is also proposed to define the following terms :competent authority`, `specified agreement` and `value of stamp duty`.

The provisions of Article 2(47) shall apply only in the case of capital. In accordance with section 2 (14), the capital does not include traded shares. Once the value of the capital has been converted into shares, the provisions of Article 2(47) shall not be relevant and shall not apply. In order to minimise the actual difficulties which the landowner may face in paying capital gains tax in the year of the transfer, it is proposed to insert a new subsection (5A) in Section 45 to provide that, in the case of a taxable person who is a single or undivided family, a specific agreement on the development of a project is concluded, capital gains are charged to income tax as income from the previous year in which the graduation certificate is issued by the competent authority for all or part of the project. Sir. B concludes a joint development agreement with M/s. .