https://www.taxtmi.com/caselaws?id=183569 For capital gains on immoveable property, sale is effected when legal ownership passes by a duly executed and registered conveyance, not merely when possession and full payment have been transferred under an agreement. On that basis, the transfer was treated as occurring on registration, not on 1 December 1946. The second proviso to section 12B(1) applied only to the portion of property whose income was chargeable under the head of property income, so exemption extended only to the tenanted one-sixth portion. In computing actual cost under the third proviso to section 12B(2), the whole depreciation allowed could not be deducted before apportionment because depreciation was allowable only on the business-use portion. en-us Tue, 13 Feb 1962 00:00:00 +0530 Tue, 14 Jun 2016 16:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183569 For capital gains on immoveable property, sale is effected when legal ownership passes by a duly executed and registered conveyance, not merely when possession and full payment have been transferred under an agreement. On that basis, the transfer was treated as occurring on registration, not on 1 December 1946. The second proviso to section 12B(1) applied only to the portion of property whose income was chargeable under the head of property income, so exemption extended only to the tenanted one-sixth portion. In computing actual cost under the third proviso to section 12B(2), the whole depreciation allowed could not be deducted before apportionment because depreciation was allowable only on the business-use portion. Case-Laws Income Tax Tue, 13 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183569