https://www.taxtmi.com/caselaws?id=71279 Capital gains on assignment and sale of shop rights were analysed by reference to the effective transfer of rights and possession under the final transaction, and were treated as short-term capital gains because the relevant transfer occurred only when possession was effectively passed, attracting section 2(47)(v). Stamp duty paid on the purchase agreement was allowed as part of the cost of improvement, subject to verification of actual payment. The gains were held taxable in assessment year 1999-2000, not assessment year 1997-98, because the transfer took place on 12-5-1998. Interest under section 234B was not chargeable for the year under appeal since the gains were not taxable in that year. en-us Fri, 03 Mar 2006 00:00:00 +0530 Fri, 22 Apr 2011 12:47:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71279 Capital gains on assignment and sale of shop rights were analysed by reference to the effective transfer of rights and possession under the final transaction, and were treated as short-term capital gains because the relevant transfer occurred only when possession was effectively passed, attracting section 2(47)(v). Stamp duty paid on the purchase agreement was allowed as part of the cost of improvement, subject to verification of actual payment. The gains were held taxable in assessment year 1999-2000, not assessment year 1997-98, because the transfer took place on 12-5-1998. Interest under section 234B was not chargeable for the year under appeal since the gains were not taxable in that year. Case-Laws Income Tax Fri, 03 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71279