https://www.taxtmi.com/caselaws?id=119920 Transfer of shares under a sale agreement was treated as governed by the Sale of Goods Act, 1930, and capital gains tax under section 45 of the Income-tax Act depended on completion of the transfer in the relevant year. Because full payment was a condition precedent and the signed transfer deeds and shares were to remain with the solicitor until the balance consideration was paid, property had not passed merely on receipt of part payment or deposit of documents with the solicitor. The solicitor was a neutral custodian, not the buyer's agent, so there was no effective delivery to the transferee. As the sale was not completed during the year, the taxable event did not arise and section 45 did not apply. en-us Thu, 21 Sep 2006 00:00:00 +0530 Sat, 14 Jul 2012 10:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119920 Transfer of shares under a sale agreement was treated as governed by the Sale of Goods Act, 1930, and capital gains tax under section 45 of the Income-tax Act depended on completion of the transfer in the relevant year. Because full payment was a condition precedent and the signed transfer deeds and shares were to remain with the solicitor until the balance consideration was paid, property had not passed merely on receipt of part payment or deposit of documents with the solicitor. The solicitor was a neutral custodian, not the buyer's agent, so there was no effective delivery to the transferee. As the sale was not completed during the year, the taxable event did not arise and section 45 did not apply. Case-Laws Income Tax Thu, 21 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119920