https://www.taxtmi.com/caselaws?id=64551 A mere agreement to purchase immovable property does not, by itself, create an interest in the property or a taxable transfer. On the facts, the amount received represented consideration for surrender of the assessee's possessory and tenancy-related position, not a transfer of a capital asset attracting capital gains. The transaction also did not amount to an adventure in the nature of trade. On the concurring reasoning, the amount was treated as an advance in an incomplete transaction and was not shown to have accrued as income in the relevant year. The receipt was therefore not taxable in the assessee's hands for the year under appeal. en-us Tue, 31 Dec 1985 00:00:00 +0530 Tue, 08 Feb 2011 15:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64551 A mere agreement to purchase immovable property does not, by itself, create an interest in the property or a taxable transfer. On the facts, the amount received represented consideration for surrender of the assessee's possessory and tenancy-related position, not a transfer of a capital asset attracting capital gains. The transaction also did not amount to an adventure in the nature of trade. On the concurring reasoning, the amount was treated as an advance in an incomplete transaction and was not shown to have accrued as income in the relevant year. The receipt was therefore not taxable in the assessee's hands for the year under appeal. Case-Laws Income Tax Tue, 31 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64551