https://www.taxtmi.com/caselaws?id=242971 The court upheld the findings that possession delivery triggered capital gain tax liability in a case where the assessee entered into a joint development agreement with a property developer. Despite the absence of explicit terms in the agreements, possession was implied from the parties' actions and subsequent events. The court considered the timeline of events and payments made, concluding that possession had been delivered earlier. Additionally, the court dismissed challenges to the assessment reopening, highlighting the importance of tax compliance and timely reporting of income. en-us Mon, 18 Nov 2013 00:00:00 +0530 Fri, 24 Jan 2014 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242971 The court upheld the findings that possession delivery triggered capital gain tax liability in a case where the assessee entered into a joint development agreement with a property developer. Despite the absence of explicit terms in the agreements, possession was implied from the parties' actions and subsequent events. The court considered the timeline of events and payments made, concluding that possession had been delivered earlier. Additionally, the court dismissed challenges to the assessment reopening, highlighting the importance of tax compliance and timely reporting of income. Case-Laws Income Tax Mon, 18 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242971