Dear All
one of our clients a registered partnership firm sold one of their commercial properties by executing a sale deed in Feb'2011 (A.Y.2011-12). This was registered with the Registrar. However, the actual possession and conveyance was given in June'2011(A.Y.2012-13). 90% of Sale Consideration was also received in June'2011. A conveyance deed is also executed but not registered.
I have offered the Capital Gains on the basis of possession in A.Y.2012-13; However, the learned ITO thinks otherwise viz. A.Y.2011-12.
Kindly provide case laws - HC, SC to support my viewpoint.
CAclubindia
