https://www.taxtmi.com/caselaws?id=151627 Transfer of land was treated as completed in the relevant assessment year where the agreement, possession letter, purchaser's conduct and commencement of construction showed handing over of effective control and possession, bringing the transaction within section 2(47)(v) and (vi) read with section 53A; later execution of sale deeds did not shift the year of chargeability. For section 80HHC computation, excise duty was held not to form part of total turnover and was excluded. The discussion also addresses credit for tax already paid on the same capital gain in later years, with one view allowing such credit to prevent double taxation and a dissent questioning the Tribunal's power to grant that direction absent an appeal or cross-objection. en-us Thu, 01 Oct 2009 00:00:00 +0530 Sat, 08 Jun 2013 10:54:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151627 Transfer of land was treated as completed in the relevant assessment year where the agreement, possession letter, purchaser's conduct and commencement of construction showed handing over of effective control and possession, bringing the transaction within section 2(47)(v) and (vi) read with section 53A; later execution of sale deeds did not shift the year of chargeability. For section 80HHC computation, excise duty was held not to form part of total turnover and was excluded. The discussion also addresses credit for tax already paid on the same capital gain in later years, with one view allowing such credit to prevent double taxation and a dissent questioning the Tribunal's power to grant that direction absent an appeal or cross-objection. Case-Laws Income Tax Thu, 01 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151627