https://www.taxtmi.com/caselaws?id=777305 Ownership and effective possession of the land remained with the assessee until a later settlement and discharge of liability, because the earlier development arrangement was limited to construction and could not be fully implemented under the applicable transfer restrictions. On these facts, the transfer was held to have materialised only in the relevant assessment year, and the Assessing Officer's addition was deleted. The assessee's treatment of the transaction as a long-term capital gain with indexation was accepted, since book entries could not change the real character or timing of the taxable event. en-us Thu, 09 Jan 2025 00:00:00 +0530 Tue, 26 Aug 2025 14:43:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777305 Ownership and effective possession of the land remained with the assessee until a later settlement and discharge of liability, because the earlier development arrangement was limited to construction and could not be fully implemented under the applicable transfer restrictions. On these facts, the transfer was held to have materialised only in the relevant assessment year, and the Assessing Officer's addition was deleted. The assessee's treatment of the transaction as a long-term capital gain with indexation was accepted, since book entries could not change the real character or timing of the taxable event. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777305