https://www.taxtmi.com/caselaws?id=276752 Capital gains under section 12B accrued when a transfer was effected and the right to receive consideration arose, not when payment was actually received or a later registered conveyance was executed. Applying that test, the agreement for sale, delivery of possession, and the assessee-company's treatment of the assets in its books showed that the transaction was completed in the relevant accounting year under the mercantile system. The amount was therefore properly brought to tax as capital gains in the assessment year 1948-49, and the Revenue succeeded. en-us Fri, 01 Dec 1961 00:00:00 +0530 Fri, 16 Nov 2018 17:14:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276752 Capital gains under section 12B accrued when a transfer was effected and the right to receive consideration arose, not when payment was actually received or a later registered conveyance was executed. Applying that test, the agreement for sale, delivery of possession, and the assessee-company's treatment of the assets in its books showed that the transaction was completed in the relevant accounting year under the mercantile system. The amount was therefore properly brought to tax as capital gains in the assessment year 1948-49, and the Revenue succeeded. Case-Laws Income Tax Fri, 01 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276752