https://www.taxtmi.com/caselaws?id=248660 Receipt of advance consideration did not, on the facts found, create a taxable transfer under section 2(47) for the year relevant to A.Y. 2007-08 because the land remained vested in Gram Sabha, there was no evidence of possession passing to the buyer, and the ingredients of section 53A of the Transfer of Property Act were not satisfied. The CIT(A) therefore treated the capital gains addition as unsustainable. Subsequent proceedings also showed that the sale agreement was cancelled and the advance was refunded, which made the Revenue's challenge to the 2007-08 addition academic. en-us Fri, 30 May 2014 00:00:00 +0530 Thu, 19 Jun 2014 20:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248660 Receipt of advance consideration did not, on the facts found, create a taxable transfer under section 2(47) for the year relevant to A.Y. 2007-08 because the land remained vested in Gram Sabha, there was no evidence of possession passing to the buyer, and the ingredients of section 53A of the Transfer of Property Act were not satisfied. The CIT(A) therefore treated the capital gains addition as unsustainable. Subsequent proceedings also showed that the sale agreement was cancelled and the advance was refunded, which made the Revenue's challenge to the 2007-08 addition academic. Case-Laws Income Tax Fri, 30 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248660