https://www.taxtmi.com/caselaws?id=38865 A transferee pendente lite who later joins only as a confirming party in a conveyance under a decree for specific performance does not incur capital gains tax merely because of accounting entries. The court looked to the substance of the transaction and found that the assessee received no sale consideration in its own right, recovered only its original investment, and had no enforceable right to receive money from the purchaser. On those facts, no taxable accretion arose and no capital gains accrued in the assessee's hands under section 12B of the Indian Income-tax Act, 1922. en-us Wed, 04 Feb 1976 00:00:00 +0530 Sat, 10 Apr 2010 10:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38865 A transferee pendente lite who later joins only as a confirming party in a conveyance under a decree for specific performance does not incur capital gains tax merely because of accounting entries. The court looked to the substance of the transaction and found that the assessee received no sale consideration in its own right, recovered only its original investment, and had no enforceable right to receive money from the purchaser. On those facts, no taxable accretion arose and no capital gains accrued in the assessee's hands under section 12B of the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 04 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38865