https://www.taxtmi.com/caselaws?id=400313 Capital gains on the transfer of 50 acres were treated as taxable in assessment year 2010-11 because the transfer was already complete in financial year 2009-10: the agreement to sell had been acted upon, registered conveyances were executed, consideration was received, and possession was delivered. A later arbitration award cancelling the arrangement did not undo the completed transfer for capital gains purposes. The later settlement was given effect only to the extent of the land not ultimately conveyed under the subsequent sale deeds, which was treated as a deemed buy-back on the date of the award, while the common lands remained part of the original transfer. en-us Thu, 22 Oct 2020 00:00:00 +0530 Tue, 03 Nov 2020 12:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400313 Capital gains on the transfer of 50 acres were treated as taxable in assessment year 2010-11 because the transfer was already complete in financial year 2009-10: the agreement to sell had been acted upon, registered conveyances were executed, consideration was received, and possession was delivered. A later arbitration award cancelling the arrangement did not undo the completed transfer for capital gains purposes. The later settlement was given effect only to the extent of the land not ultimately conveyed under the subsequent sale deeds, which was treated as a deemed buy-back on the date of the award, while the common lands remained part of the original transfer. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400313