https://www.taxtmi.com/caselaws?id=432519 Consideration for transfer of rights in a hydro power project accrued on execution of the MoU because the transferee paid most of the price, took over the project, and commenced work, showing transfer of substantial risks and rewards and no real uncertainty in realisation. The resulting receipt was therefore taxable in the relevant year. As the asset transferred was project rights and interest forming part of the assessee's business of developing hydro projects, the transaction was treated as business income. Capital gains treatment and provisions governing transfer of immovable property were held inapplicable. en-us Tue, 22 Nov 2022 00:00:00 +0530 Fri, 20 Dec 2024 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432519 Consideration for transfer of rights in a hydro power project accrued on execution of the MoU because the transferee paid most of the price, took over the project, and commenced work, showing transfer of substantial risks and rewards and no real uncertainty in realisation. The resulting receipt was therefore taxable in the relevant year. As the asset transferred was project rights and interest forming part of the assessee's business of developing hydro projects, the transaction was treated as business income. Capital gains treatment and provisions governing transfer of immovable property were held inapplicable. Case-Laws Income Tax Tue, 22 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432519