https://www.taxtmi.com/caselaws?id=261559 Section 2(47)(v) applies only where possession of immovable property is given in part performance of a written contract satisfying section 53A of the Transfer of Property Act; a unilateral government order and undetermined consideration do not create a transfer for capital gains purposes. Mere accounting entries or removal of the asset from fixed assets cannot by themselves establish real income or full value of consideration. On the VRS deduction issue, a first appellate authority cannot finally dispose of the claim by merely directing verification by the Assessing Officer; if factual inquiry is needed, the claim must be decided on merits after appropriate remand. The capital gains addition was deleted, and the VRS issue was remitted for fresh consideration. en-us Tue, 30 Jun 2015 00:00:00 +0530 Thu, 16 Jul 2015 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261559 Section 2(47)(v) applies only where possession of immovable property is given in part performance of a written contract satisfying section 53A of the Transfer of Property Act; a unilateral government order and undetermined consideration do not create a transfer for capital gains purposes. Mere accounting entries or removal of the asset from fixed assets cannot by themselves establish real income or full value of consideration. On the VRS deduction issue, a first appellate authority cannot finally dispose of the claim by merely directing verification by the Assessing Officer; if factual inquiry is needed, the claim must be decided on merits after appropriate remand. The capital gains addition was deleted, and the VRS issue was remitted for fresh consideration. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261559