https://www.taxtmi.com/caselaws?id=69590 Section 2(47)(v) applies only where possession of immovable property is taken or retained in part performance of a contract within the scope of section 53A of the Transfer of Property Act. On the agreement considered, possession had already been taken on 18-2-1986, before clause (v) came into force on 1-4-1988, and there was no material showing continued or retained possession in part performance during assessment year 1988-89. The statutory fiction could not be extended to fasten a transfer in a year preceding its commencement. The transaction was therefore not a transfer under section 2(47)(v) for that year, and capital gains could not be brought to tax on that basis. en-us Fri, 05 Jan 1996 00:00:00 +0530 Mon, 13 Jun 2011 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69590 Section 2(47)(v) applies only where possession of immovable property is taken or retained in part performance of a contract within the scope of section 53A of the Transfer of Property Act. On the agreement considered, possession had already been taken on 18-2-1986, before clause (v) came into force on 1-4-1988, and there was no material showing continued or retained possession in part performance during assessment year 1988-89. The statutory fiction could not be extended to fasten a transfer in a year preceding its commencement. The transaction was therefore not a transfer under section 2(47)(v) for that year, and capital gains could not be brought to tax on that basis. Case-Laws Income Tax Fri, 05 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69590