https://www.taxtmi.com/caselaws?id=444794 The ITAT Delhi held that income from property sale must be taxed in the correct assessment year when the transaction actually occurred, not when book entries were made. The assessee sold property in FY 2006-07 (AY 2007-08) but recorded entries only in AY 2012-13. Following established tax jurisprudence that right income should be taxed in right hands under right head in right year, the tribunal directed the AO to tax the sale income in AY 2007-08, emphasizing that book entries don't determine transaction nature. Appeal was partly allowed. en-us Wed, 11 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 08:46:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444794 The ITAT Delhi held that income from property sale must be taxed in the correct assessment year when the transaction actually occurred, not when book entries were made. The assessee sold property in FY 2006-07 (AY 2007-08) but recorded entries only in AY 2012-13. Following established tax jurisprudence that right income should be taxed in right hands under right head in right year, the tribunal directed the AO to tax the sale income in AY 2007-08, emphasizing that book entries don't determine transaction nature. Appeal was partly allowed. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444794