https://www.taxtmi.com/caselaws?id=419633 Capital gains from transfer of immovable property are taxable in the year the registered sale deed is executed and consideration is received, where the deed itself records delivery of possession. A later possession receipt cannot override the legal effect of the completed registered transfer. Consistency in co-owners' assessments or in a subsequent year does not create a lawful basis to delete the addition if the earlier year is the correct year of taxability. To prevent double taxation, the same gain should be excluded from the later year and the assessment recomputed in accordance with law after giving the assessee an opportunity on valuation matters. en-us Mon, 14 Mar 2022 00:00:00 +0530 Wed, 16 Mar 2022 10:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419633 Capital gains from transfer of immovable property are taxable in the year the registered sale deed is executed and consideration is received, where the deed itself records delivery of possession. A later possession receipt cannot override the legal effect of the completed registered transfer. Consistency in co-owners' assessments or in a subsequent year does not create a lawful basis to delete the addition if the earlier year is the correct year of taxability. To prevent double taxation, the same gain should be excluded from the later year and the assessment recomputed in accordance with law after giving the assessee an opportunity on valuation matters. Case-Laws Income Tax Mon, 14 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419633