LTCG or STCG to be assessed when income accrued to assessee

Raju Shantaram Mandavkar Vs ITO (ITAT Mumbai) Conclusion: Long term/short term capital gain is liable to be assessed when the income will accrued to assessee for the relevant period. Held: Assessee was basically contractor for carrying on business under the name and style M/s. P Construction. During proceedings, AO found that assessee had entered into a development agreement with M/s. V Associates on 07.07.2009 upon the market value of the property of Rs.32,66,000/- for the purpose of registration stamp duty. AO assessed this consideration under the head ‘short-term capital gain’. Assessee...