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2010 (7) TMI 630 - HC - Income TaxCapital gain - Assessing Officer taxed the amount of capital gain by taking the transfer of property on 27-8-1979 on which date the award of compensation was given. The assessee challenged this by submitting that date of transfer of property should be when possession was taken, i.e. on 21-4-1971 and, therefore, in the assessment year 1980-81, no tax could be assessed as capital gain - there is no doubt that the property in dispute was transferred to the Improvement Trust and absolutely vested in it on delivery of possession which took place on 21-4-1971 and not on 27-8-1979 when compensation was paid to the assessee - Decided in the favour of assessee
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