https://www.taxtmi.com/caselaws?id=70711 For capital gains purposes, transfer of movable property is complete when possession is delivered to the transferee, not when sale consideration is finally received or when sale is treated as complete under sales tax concepts. On the facts, the truck was delivered on 15-5-1976, so the asset was held for less than the statutory period required for long-term treatment. The gain was therefore taxable as short-term capital gain, and the claim for deduction under section 80T was not sustainable. en-us Fri, 01 Oct 1982 00:00:00 +0530 Mon, 18 Apr 2011 17:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70711 For capital gains purposes, transfer of movable property is complete when possession is delivered to the transferee, not when sale consideration is finally received or when sale is treated as complete under sales tax concepts. On the facts, the truck was delivered on 15-5-1976, so the asset was held for less than the statutory period required for long-term treatment. The gain was therefore taxable as short-term capital gain, and the claim for deduction under section 80T was not sustainable. Case-Laws Income Tax Fri, 01 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70711