https://www.taxtmi.com/caselaws?id=69763 Completed sale transactions gave rise to taxable capital gains on accrual, and later events or an asserted intention to reconvey the property did not negate taxability once the transfers were complete. Actual receipt of consideration was not required, and continued possession with the assessee was irrelevant; the capital gains were therefore upheld. Concealment penalty was not sustainable where the capital gains were disclosed in the reassessment return and there was no real suppression of income or furnishing of inaccurate particulars; the penalty was cancelled. en-us Thu, 17 May 1979 00:00:00 +0530 Tue, 12 Apr 2011 10:13:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69763 Completed sale transactions gave rise to taxable capital gains on accrual, and later events or an asserted intention to reconvey the property did not negate taxability once the transfers were complete. Actual receipt of consideration was not required, and continued possession with the assessee was irrelevant; the capital gains were therefore upheld. Concealment penalty was not sustainable where the capital gains were disclosed in the reassessment return and there was no real suppression of income or furnishing of inaccurate particulars; the penalty was cancelled. Case-Laws Income Tax Thu, 17 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69763