https://www.taxtmi.com/caselaws?id=67590 A registered sale deed for agricultural land was treated as effecting transfer on 13 September 1972, because the deed recorded possession and payment terms and there was no evidence that the cheque condition postponed completion of the sale. On that basis, any capital gains consequence related to the earlier assessment year. The receipt from sale of the agricultural land was also treated as exempt on the view that the land retained its agricultural character, and the mere fact of its location within municipal limits did not alter that character. In light of conflicting authorities, the interpretation favourable to the assessee was applied, and the consequential interest liability did not survive. en-us Wed, 26 Aug 1987 00:00:00 +0530 Fri, 11 Mar 2011 14:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67590 A registered sale deed for agricultural land was treated as effecting transfer on 13 September 1972, because the deed recorded possession and payment terms and there was no evidence that the cheque condition postponed completion of the sale. On that basis, any capital gains consequence related to the earlier assessment year. The receipt from sale of the agricultural land was also treated as exempt on the view that the land retained its agricultural character, and the mere fact of its location within municipal limits did not alter that character. In light of conflicting authorities, the interpretation favourable to the assessee was applied, and the consequential interest liability did not survive. Case-Laws Income Tax Wed, 26 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67590