https://www.taxtmi.com/caselaws?id=284925 Transfer of land for capital gains purposes was recognised only when the arrangement matured into an enforceable transaction satisfying section 53A of the Transfer of Property Act and section 2(47)(v) of the Income-tax Act. Because the original sale arrangement was not fully implemented and a later compromise deed revived the transaction with payment of the balance consideration, the transfer was treated as having occurred in assessment year 2004-05, not 1999-2000. Recorded land development expenses were also allowable with indexation, but only to the extent supported by the books and subject to verification in accordance with law. en-us Fri, 24 Jun 2011 00:00:00 +0530 Tue, 17 Dec 2019 09:58:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284925 Transfer of land for capital gains purposes was recognised only when the arrangement matured into an enforceable transaction satisfying section 53A of the Transfer of Property Act and section 2(47)(v) of the Income-tax Act. Because the original sale arrangement was not fully implemented and a later compromise deed revived the transaction with payment of the balance consideration, the transfer was treated as having occurred in assessment year 2004-05, not 1999-2000. Recorded land development expenses were also allowable with indexation, but only to the extent supported by the books and subject to verification in accordance with law. Case-Laws Income Tax Fri, 24 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284925