https://www.taxtmi.com/caselaws?id=447443 An advance received under an agreement to sell agricultural land did not constitute taxable sale consideration in the relevant year because no transfer of the capital asset had occurred then. The agreement was executed earlier, but possession was handed over only in 2020 and the transaction was completed in that year. In the absence of transfer of possession or completion of the sale in the year under consideration, section 2(47) of the Income-tax Act, read with the principles of part performance under section 53A of the Transfer of Property Act, was not attracted. The receipt was therefore treated as advance payment, not capital gains, and the addition was deleted. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447443 An advance received under an agreement to sell agricultural land did not constitute taxable sale consideration in the relevant year because no transfer of the capital asset had occurred then. The agreement was executed earlier, but possession was handed over only in 2020 and the transaction was completed in that year. In the absence of transfer of possession or completion of the sale in the year under consideration, section 2(47) of the Income-tax Act, read with the principles of part performance under section 53A of the Transfer of Property Act, was not attracted. The receipt was therefore treated as advance payment, not capital gains, and the addition was deleted. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447443