Capital Gains taxable in Year of Transfer of Possession of Land

DCIT Vs Shivaji Bhagwanrao Jadhav (ITAT Pune) The issue under consideration is whether Capital Gain will be taxable in the year when consideration for sale of land received irrespective of the possession of the land? In the present case, the assessee along with his wife purchased about 80 Acres 3 Guntha of land at Village Gevrai Taluka. As per the assessee, the possession of land was not given by the assessee in the assessment year 2008-09.  As per the assessee, the land was sold on 23-4-2010 and the capital gain was offered to tax in the relevant assessment year 2011-12. According to the ass...