In a transfer of land, the assessee received only 50 per cent of the sale consideration, with the sale deed stipulating that the balance was payable only after the assessee and co-owners fulfilled certain obligations. The High Court held that since the right to receive the balance consideration was contingent upon uncertain future events, this portion of the consideration did not accrue to the assessee in the year of transfer. Following its own precedents, the Court affirmed that for the purpose of computing capital gains under Section 45, tax is chargeable only on the consideration that has been received or has accrued, not on a notional or hypothetical amount. Consequently, the assessee was liable to tax only on the consideration actually received during the year, and not on the entire amount mentioned in the sale deed. (AY. 2014-15)