https://www.taxtmi.com/caselaws?id=14579 Capital gains on transfer of an undertaking do not arise in the later year merely because compensation is quantified or received then, where the Government had already exercised its option, taken over possession, and extinguished the assessee's rights earlier. The Delhi HC applied the settled distinction between a disputed right to receive income and a case where only valuation remains, holding that income accrues when the right to receive becomes vested and enforceable. As the transfer had occurred before the assessment year in question and only the compensation amount remained to be determined, the later receipt did not create a fresh taxable transfer in that year. en-us Fri, 03 Nov 2000 00:00:00 +0530 Fri, 17 Jul 2009 12:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14579 Capital gains on transfer of an undertaking do not arise in the later year merely because compensation is quantified or received then, where the Government had already exercised its option, taken over possession, and extinguished the assessee's rights earlier. The Delhi HC applied the settled distinction between a disputed right to receive income and a case where only valuation remains, holding that income accrues when the right to receive becomes vested and enforceable. As the transfer had occurred before the assessment year in question and only the compensation amount remained to be determined, the later receipt did not create a fresh taxable transfer in that year. Case-Laws Income Tax Fri, 03 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14579