https://www.taxtmi.com/caselaws?id=424218 Registered rights under a flat purchase agreement were treated as a capital asset because the agreement created enforceable purchaser rights protected by the Maharashtra Ownership Flats Act, 1963. Extinguishment of those rights through a registered cancellation deed amounted to transfer under the Income-tax Act, so the compensation linked to cancellation was assessable as capital gains and not as income from other sources. For section 54EC, the relevant transfer date was the registered cancellation deed, and investment in NHAI bonds within six calendar months satisfied the statutory time limit, making exemption available. en-us Fri, 20 May 2022 00:00:00 +0530 Fri, 24 Jun 2022 08:25:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424218 Registered rights under a flat purchase agreement were treated as a capital asset because the agreement created enforceable purchaser rights protected by the Maharashtra Ownership Flats Act, 1963. Extinguishment of those rights through a registered cancellation deed amounted to transfer under the Income-tax Act, so the compensation linked to cancellation was assessable as capital gains and not as income from other sources. For section 54EC, the relevant transfer date was the registered cancellation deed, and investment in NHAI bonds within six calendar months satisfied the statutory time limit, making exemption available. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424218