Capital Gain was liable to be taxed at the time of receipt of last cheque when rights on immovable property extinguished

Seshasayee Steels P. Ltd. Vs ACIT (Supreme Court) Conclusion: Capital gain was brought to be tax when on transfer of immovable property, rights were extinguished on the receipt of the last cheque. Held: Assessee entered into an agreement to sell a property with Builders Limited for a total sale consideration of Rs.5.5 crores. Pursuant to this agreement to sell, a Power of Attorney was by which, assessee appointed one director of Builders Ltd. to execute and join in execution the necessary number of sale agreements and/or sale deeds in respect of the schedule mentioned property after developing...