https://www.taxtmi.com/caselaws?id=151699 Transfer of leasehold rights under a memorandum of understanding may constitute a transfer for capital gains purposes where the arrangement, read as a whole, shows passing of possession or effective control in part performance, even though formal conveyance is incomplete. Applying section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, the arrangement was treated as acted upon in the relevant year because consideration had been received, the property was later dealt with through reassignments, and the books reflected completion. The resulting long-term capital gains were therefore taxable in assessment year 2001-02, and the assessee's challenge to the year of taxability failed. en-us Mon, 28 Jul 2008 00:00:00 +0530 Thu, 13 Jun 2013 09:27:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151699 Transfer of leasehold rights under a memorandum of understanding may constitute a transfer for capital gains purposes where the arrangement, read as a whole, shows passing of possession or effective control in part performance, even though formal conveyance is incomplete. Applying section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act, the arrangement was treated as acted upon in the relevant year because consideration had been received, the property was later dealt with through reassignments, and the books reflected completion. The resulting long-term capital gains were therefore taxable in assessment year 2001-02, and the assessee's challenge to the year of taxability failed. Case-Laws Income Tax Mon, 28 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151699