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.3

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