https://www.taxtmi.com/caselaws?id=771678 Where an HUF handed over possession of immovable property to a developer under a valid agreement and power of attorney, the transfer was complete in the legal sense under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, so capital gains accrued in that earlier year. The later sale of developed units by the developer did not create a fresh taxable transfer in the assessee's hands, especially where the consideration had already been received earlier and no income accrued in the relevant year. On that basis, capital gains were not assessable again in assessment year 2016-17 and the addition was deleted. en-us Mon, 26 May 2025 00:00:00 +0530 Thu, 29 May 2025 08:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771678 Where an HUF handed over possession of immovable property to a developer under a valid agreement and power of attorney, the transfer was complete in the legal sense under section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, so capital gains accrued in that earlier year. The later sale of developed units by the developer did not create a fresh taxable transfer in the assessee's hands, especially where the consideration had already been received earlier and no income accrued in the relevant year. On that basis, capital gains were not assessable again in assessment year 2016-17 and the addition was deleted. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771678