https://www.taxtmi.com/caselaws?id=266841 Receipt of full consideration under an agreement and assignment of the right to obtain conveyance of immovable property was treated as a transfer of a capital asset, even though formal conveyance of the underlying land was incomplete. The right transferred, not the agricultural land itself, was held to constitute the capital asset for capital gains purposes. Reliance on the Bombay Tenancy and Agricultural Lands Act, 1948 did not alter the taxable character of the transaction. The addition on account of capital gains was sustained. en-us Fri, 11 Sep 2015 00:00:00 +0530 Mon, 26 Oct 2015 00:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266841 Receipt of full consideration under an agreement and assignment of the right to obtain conveyance of immovable property was treated as a transfer of a capital asset, even though formal conveyance of the underlying land was incomplete. The right transferred, not the agricultural land itself, was held to constitute the capital asset for capital gains purposes. Reliance on the Bombay Tenancy and Agricultural Lands Act, 1948 did not alter the taxable character of the transaction. The addition on account of capital gains was sustained. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266841