https://www.taxtmi.com/caselaws?id=210349 For capital gains purposes, a transfer under section 2(47) read with section 53A of the Transfer of Property Act is completed only when the contractual arrangement is effectively acted upon and validated. Where an earlier sale agreement was not fully performed and was later revived through a compromise deed and ratification, the transfer date followed the effective compromise rather than the original agreement, so assessment year 2004-05 was the relevant year. Land development expenses, if actually recorded in the books as cost of improvement, were allowable with indexation while computing capital gains, and the challenge on that issue also failed. en-us Fri, 24 Jun 2011 00:00:00 +0530 Wed, 08 Feb 2012 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210349 For capital gains purposes, a transfer under section 2(47) read with section 53A of the Transfer of Property Act is completed only when the contractual arrangement is effectively acted upon and validated. Where an earlier sale agreement was not fully performed and was later revived through a compromise deed and ratification, the transfer date followed the effective compromise rather than the original agreement, so assessment year 2004-05 was the relevant year. Land development expenses, if actually recorded in the books as cost of improvement, were allowable with indexation while computing capital gains, and the challenge on that issue also failed. Case-Laws Income Tax Fri, 24 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210349