https://www.taxtmi.com/caselaws?id=329586 Registered transfer of immovable property was treated as complete in the year the sale deed was executed and registered, where revenue records also showed transfer of possession and mutation in the buyer's name before year-end. A cancellation clause tied to dishonour of an undated cheque was treated as a protective stipulation and not as postponing the transfer. The buyer's affidavit and the contention that the transaction was complete only on encashment of the cheque were rejected. Capital gains were therefore chargeable in the year of transfer, not merely when full consideration was received, and the entire gain was taxable in assessment year 2007-08. en-us Wed, 29 Jun 2016 00:00:00 +0530 Wed, 06 Jul 2016 04:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329586 Registered transfer of immovable property was treated as complete in the year the sale deed was executed and registered, where revenue records also showed transfer of possession and mutation in the buyer's name before year-end. A cancellation clause tied to dishonour of an undated cheque was treated as a protective stipulation and not as postponing the transfer. The buyer's affidavit and the contention that the transaction was complete only on encashment of the cheque were rejected. Capital gains were therefore chargeable in the year of transfer, not merely when full consideration was received, and the entire gain was taxable in assessment year 2007-08. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329586