https://www.taxtmi.com/caselaws?id=281645 Capital gains were treated as arising when the sale agreement was executed and possession was handed over, because the transaction satisfied transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act. On that basis, the gain was not chargeable in the later assessment year, and the addition for that year could not be sustained. The commentary also notes that the amended section 50C(1), inserting the words "or assessable," applied only from 01.10.2009 and could not be used for an earlier transfer, so the valuation adopted under that amendment was not sustainable. en-us Tue, 31 Jan 2017 00:00:00 +0530 Sat, 29 Jun 2019 05:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281645 Capital gains were treated as arising when the sale agreement was executed and possession was handed over, because the transaction satisfied transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act. On that basis, the gain was not chargeable in the later assessment year, and the addition for that year could not be sustained. The commentary also notes that the amended section 50C(1), inserting the words "or assessable," applied only from 01.10.2009 and could not be used for an earlier transfer, so the valuation adopted under that amendment was not sustainable. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281645