https://www.taxtmi.com/caselaws?id=449070 An enforceable right arising under a banakhat or agreement to sell, when supported by later registration, settlement of dispute, obtaining of non-agricultural permission, and execution of the registered sale deed, can constitute a capital asset under section 2(14) of the Income-tax Act, 1961. On that basis, consideration received on transfer is assessable as long-term capital gain rather than income from other sources. Once the receipt is treated as capital gains, consequential relief under section 54B must be examined on the footing of capital gain tax treatment and allowed to the extent otherwise permissible in law. en-us Wed, 31 Jan 2024 00:00:00 +0530 Mon, 05 Feb 2024 08:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449070 An enforceable right arising under a banakhat or agreement to sell, when supported by later registration, settlement of dispute, obtaining of non-agricultural permission, and execution of the registered sale deed, can constitute a capital asset under section 2(14) of the Income-tax Act, 1961. On that basis, consideration received on transfer is assessable as long-term capital gain rather than income from other sources. Once the receipt is treated as capital gains, consequential relief under section 54B must be examined on the footing of capital gain tax treatment and allowed to the extent otherwise permissible in law. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449070