https://www.taxtmi.com/caselaws?id=178041 The appeal by the Revenue challenging the non-chargeability of capital gains tax in the assessment year 1994-95 was dismissed. The court held that the liability for capital gains tax arises when the purchaser is put in physical possession, not when the agreement is signed. As the purchaser was put in possession in April 1998, the tax liability arose in the assessment year 1999-2000. The appeal was dismissed due to lack of merit regarding the transfer of property and the applicability of a previous ruling by the Bombay High Court. en-us Thu, 10 Jul 2008 00:00:00 +0530 Wed, 27 Jan 2016 15:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178041 The appeal by the Revenue challenging the non-chargeability of capital gains tax in the assessment year 1994-95 was dismissed. The court held that the liability for capital gains tax arises when the purchaser is put in physical possession, not when the agreement is signed. As the purchaser was put in possession in April 1998, the tax liability arose in the assessment year 1999-2000. The appeal was dismissed due to lack of merit regarding the transfer of property and the applicability of a previous ruling by the Bombay High Court. Case-Laws Income Tax Thu, 10 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178041