S. 45 : Capital gains-Transfer-Permission to builder to start advertising, selling, construction on land-Licence to builder not amounting to possession of asset-Memorandum of compromise in 2003 under which agreement confirmed, and receipt by assessee of part of agreed sale consideration confirmed-Gains arose in previous year in which memorandum of compromise entered into, and taxable in that assessment year. [S. 2(47)(v), 2(47)(vi), Transfer of Property Act, 1882, S.53A]
Seshasayee Steels P. Ltd. v. ACIT (2020) 421 ITR 46 / 313 CTR 375/ 187 DTR 241/ 275 Taxman 187(SC) Editorial : Decision in Seshasayee Steels P. Ltd. v Asst. CIT ( 2020) 421 ITR 46 (Mad) (HC) affirmed. Tax Case (Al) No. 461 of 2011 dt 25 -1 2012)