https://www.taxtmi.com/caselaws?id=7391 Title to movables in a composite sale does not pass merely on contract formation where the parties intended a single transfer with immovable property and no earlier delivery occurred. On the facts, the purchaser's temporary participation in management did not amount to transfer of the movables, and title passed only when the sale deeds were executed on 30 August 1957. Because the sale was completed only on that date, the resulting surplus could not be treated as having accrued earlier and was not assessable in the 1958-59 assessment year. The agreement and surrounding conduct showed no intention to split the transfer of movables from the immovable assets. en-us Wed, 16 Oct 1968 00:00:00 +0530 Thu, 19 Feb 2009 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7391 Title to movables in a composite sale does not pass merely on contract formation where the parties intended a single transfer with immovable property and no earlier delivery occurred. On the facts, the purchaser's temporary participation in management did not amount to transfer of the movables, and title passed only when the sale deeds were executed on 30 August 1957. Because the sale was completed only on that date, the resulting surplus could not be treated as having accrued earlier and was not assessable in the 1958-59 assessment year. The agreement and surrounding conduct showed no intention to split the transfer of movables from the immovable assets. Case-Laws Income Tax Wed, 16 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7391