https://www.taxtmi.com/caselaws?id=67638 An amendment enlarging the definition of "transfer" for capital gains applies prospectively unless expressly made retrospective, so a transaction completed by handing over possession before 1 April 1988 could not be taxed in assessment year 1988-89 under section 2(47)(v). The reassessment under sections 147 and 148 was therefore unsustainable because the decisive transfer event had occurred in an earlier year, before the amended provision came into force. Capital gains liability had to be determined by the law in force when the transfer was completed, and no taxable capital gain arose for the later assessment year. en-us Fri, 28 Apr 2000 00:00:00 +0530 Sat, 12 Mar 2011 10:54:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67638 An amendment enlarging the definition of "transfer" for capital gains applies prospectively unless expressly made retrospective, so a transaction completed by handing over possession before 1 April 1988 could not be taxed in assessment year 1988-89 under section 2(47)(v). The reassessment under sections 147 and 148 was therefore unsustainable because the decisive transfer event had occurred in an earlier year, before the amended provision came into force. Capital gains liability had to be determined by the law in force when the transfer was completed, and no taxable capital gain arose for the later assessment year. Case-Laws Income Tax Fri, 28 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67638