https://www.taxtmi.com/caselaws?id=350625 Possession receipts and substantial part-payment under unregistered property agreements were treated as sufficient indicators that transfer had concluded in the relevant year for income-tax purposes, even though formal sale deeds were registered later. Applying section 2(47) of the Income-tax Act read with section 53A of the Transfer of Property Act and section 17 of the Registration Act, the properties were held to form part of the block of assets, and depreciation under section 32 was allowable because the assessee had dominion and business use. On that basis, reduction of the block and assessment of the resulting gain as short-term capital gain under section 50 were not justified, and the addition was deleted. en-us Mon, 25 Sep 2017 00:00:00 +0530 Wed, 08 Nov 2017 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350625 Possession receipts and substantial part-payment under unregistered property agreements were treated as sufficient indicators that transfer had concluded in the relevant year for income-tax purposes, even though formal sale deeds were registered later. Applying section 2(47) of the Income-tax Act read with section 53A of the Transfer of Property Act and section 17 of the Registration Act, the properties were held to form part of the block of assets, and depreciation under section 32 was allowable because the assessee had dominion and business use. On that basis, reduction of the block and assessment of the resulting gain as short-term capital gain under section 50 were not justified, and the addition was deleted. Case-Laws Income Tax Mon, 25 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350625