https://www.taxtmi.com/caselaws?id=354759 Transfer of land under a development agreement and the later sale of flats received in consideration are treated as distinct capital transactions, so capital gains must be taxed only in the year in which each transfer actually occurs. On that basis, gains from the earlier land transfer could not be assessed again in the year under appeal, while only the flats actually sold in the relevant year were to be included in recomputation, limited to the assessee's share. The claim for deduction under section 54F and section 54 also required fresh examination because eligibility depended on the dates of sale of the flats and the assessee's residential-house ownership position, which had not been properly verified. en-us Wed, 31 Jan 2018 00:00:00 +0530 Sat, 03 Feb 2018 08:34:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354759 Transfer of land under a development agreement and the later sale of flats received in consideration are treated as distinct capital transactions, so capital gains must be taxed only in the year in which each transfer actually occurs. On that basis, gains from the earlier land transfer could not be assessed again in the year under appeal, while only the flats actually sold in the relevant year were to be included in recomputation, limited to the assessee's share. The claim for deduction under section 54F and section 54 also required fresh examination because eligibility depended on the dates of sale of the flats and the assessee's residential-house ownership position, which had not been properly verified. Case-Laws Income Tax Wed, 31 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354759