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of The ITAT held that no transfer under section 2(47)(v) occurred, rejecting imposition of capital gains under section 45 for AY 2012-13. The tribunal found the purported agreement of sale did not constitute a conveyance deed and in fact no valid agreement of sale was produced; consequently the assessee lacked proprietary title by virtue of that document. The executed power of attorney was held insufficient to effectuate a transfer or to operate as a substitute conveyance deed. On these findings, the ITAT concluded that the revenue could not treat the transaction as a transfer of an immovable capital asset and set aside the assessment insofar as it taxed LTCG.
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