https://www.taxtmi.com/caselaws?id=66600 Possession under an agreement to purchase land was held to be permissive and incapable of maturing into adverse possession without clear, continuous hostile assertion to the knowledge of the true owner. A contract for sale created no interest in immovable property, and protection under part performance was only defensive. On that basis, ownership was treated as passing only on execution of the registered sale deed, so the gains were characterised as short-term capital gains. The valuation adopted for computing capital gains was also moderated, with the sale price reduced for computation purposes and the assessee receiving only partial relief. en-us Tue, 22 Oct 1985 00:00:00 +0530 Mon, 13 Jun 2011 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66600 Possession under an agreement to purchase land was held to be permissive and incapable of maturing into adverse possession without clear, continuous hostile assertion to the knowledge of the true owner. A contract for sale created no interest in immovable property, and protection under part performance was only defensive. On that basis, ownership was treated as passing only on execution of the registered sale deed, so the gains were characterised as short-term capital gains. The valuation adopted for computing capital gains was also moderated, with the sale price reduced for computation purposes and the assessee receiving only partial relief. Case-Laws Income Tax Tue, 22 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66600