https://www.taxtmi.com/caselaws?id=64906 An agreement to sell an immovable property, without a registered conveyance or extinguishment of the seller's rights, does not amount to a transfer for section 54 or section 2(47); exemption on the footing of transfer at the agreement stage was therefore denied. For section 2(42A), the holding period can be computed by reference to the assessee's substantive possession and ownership in the property, so the gain on the West Patel Nagar property was treated as long-term capital gain, not short-term capital gain. The appeal succeeded only on that limited point. en-us Fri, 28 Jun 1985 00:00:00 +0530 Fri, 11 Feb 2011 11:03:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64906 An agreement to sell an immovable property, without a registered conveyance or extinguishment of the seller's rights, does not amount to a transfer for section 54 or section 2(47); exemption on the footing of transfer at the agreement stage was therefore denied. For section 2(42A), the holding period can be computed by reference to the assessee's substantive possession and ownership in the property, so the gain on the West Patel Nagar property was treated as long-term capital gain, not short-term capital gain. The appeal succeeded only on that limited point. Case-Laws Income Tax Fri, 28 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64906