https://www.taxtmi.com/caselaws?id=178040 Capital gains under section 12B accrued when a capital asset was sold and the assessee obtained an enforceable right to receive the sale price in the relevant accounting year; actual receipt of money was not required. The transfer of vehicles and route rights to another legal entity for an agreed price was treated as a sale, and the later agreement to accept shares or a reduced amount did not alter the year of taxability. Later non-recovery or variation in the mode of satisfaction could not defer or negate the accrual of profits in that year. The Madras HC therefore held the assessee liable to capital gains tax and answered the reference against the assessee. en-us Thu, 13 Nov 1958 00:00:00 +0530 Wed, 27 Jan 2016 14:58:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178040 Capital gains under section 12B accrued when a capital asset was sold and the assessee obtained an enforceable right to receive the sale price in the relevant accounting year; actual receipt of money was not required. The transfer of vehicles and route rights to another legal entity for an agreed price was treated as a sale, and the later agreement to accept shares or a reduced amount did not alter the year of taxability. Later non-recovery or variation in the mode of satisfaction could not defer or negate the accrual of profits in that year. The Madras HC therefore held the assessee liable to capital gains tax and answered the reference against the assessee. Case-Laws Income Tax Thu, 13 Nov 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178040