https://www.taxtmi.com/caselaws?id=437660 Advance money received under an agreement to sell agricultural land, later cancelled and forfeited before 31.03.2014, was not taxable as capital gains because no transfer of the capital asset occurred. In the absence of a sale deed or other transfer, the charging provisions for capital gains did not apply to the receipt in the year of forfeiture. The amount retained on forfeiture was treated as falling within section 51 of the Income-tax Act, 1961, which requires such advance money to be adjusted against the cost or other relevant base only when the asset is eventually transferred. The addition as capital gains was therefore unsustainable. en-us Mon, 17 Apr 2023 00:00:00 +0530 Thu, 11 May 2023 22:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437660 Advance money received under an agreement to sell agricultural land, later cancelled and forfeited before 31.03.2014, was not taxable as capital gains because no transfer of the capital asset occurred. In the absence of a sale deed or other transfer, the charging provisions for capital gains did not apply to the receipt in the year of forfeiture. The amount retained on forfeiture was treated as falling within section 51 of the Income-tax Act, 1961, which requires such advance money to be adjusted against the cost or other relevant base only when the asset is eventually transferred. The addition as capital gains was therefore unsustainable. Case-Laws Income Tax Mon, 17 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437660