https://www.taxtmi.com/caselaws?id=151813 Capital gains on sale of factory property were chargeable in assessment year 1998-99 because the written sale agreement, substantial receipt of consideration, and delivery of possession satisfied section 53A of the Transfer of Property Act and brought the transaction within section 2(47)(v) of the Income-tax Act. The existence of a bank mortgage did not stop part performance from operating or defer transfer until the later registered conveyance. For section 45(1), the taxable year is the previous year in which the transfer occurs, so the gain accrued when possession was handed over, not when the sale deed was subsequently executed. en-us Wed, 30 Nov 2005 00:00:00 +0530 Tue, 09 Apr 2024 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151813 Capital gains on sale of factory property were chargeable in assessment year 1998-99 because the written sale agreement, substantial receipt of consideration, and delivery of possession satisfied section 53A of the Transfer of Property Act and brought the transaction within section 2(47)(v) of the Income-tax Act. The existence of a bank mortgage did not stop part performance from operating or defer transfer until the later registered conveyance. For section 45(1), the taxable year is the previous year in which the transfer occurs, so the gain accrued when possession was handed over, not when the sale deed was subsequently executed. Case-Laws Income Tax Wed, 30 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151813