https://www.taxtmi.com/caselaws?id=155067 A memorandum of understanding for a land transaction did not amount to a completed transfer because title was not conveyed, possession was not handed over, and the contractual conditions for completion were not fulfilled. The returned advance also indicated that the full consideration had not become due. Applying the real income principle, section 5(1) of the Income-tax Act, 1961, and the transfer concept in section 2(47) read with section 53A of the Transfer of Property Act, the alleged sale consideration was held not to have accrued. The amount was therefore not chargeable to tax in the assessee's hands. en-us Fri, 30 Sep 2011 00:00:00 +0530 Sat, 31 Aug 2013 11:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155067 A memorandum of understanding for a land transaction did not amount to a completed transfer because title was not conveyed, possession was not handed over, and the contractual conditions for completion were not fulfilled. The returned advance also indicated that the full consideration had not become due. Applying the real income principle, section 5(1) of the Income-tax Act, 1961, and the transfer concept in section 2(47) read with section 53A of the Transfer of Property Act, the alleged sale consideration was held not to have accrued. The amount was therefore not chargeable to tax in the assessee's hands. Case-Laws Income Tax Fri, 30 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155067