https://www.taxtmi.com/caselaws?id=206604 For assessment year 1985-86, an alleged land transfer on 7 December 1984 did not constitute a taxable transfer under section 2(47) of the Income-tax Act, 1961 as then in force, because the later-amended provisions covering section 53A-type transactions were not yet applicable. The Finance Act, 1987 amendment operated prospectively from 1 April 1988, so an unregistered or incomplete transaction could not be taxed as a capital gains transfer on that date. The reasoning that capital gains on compulsory acquisition arise only on receipt of compensation was also irrelevant on these facts. No capital gains were chargeable on the alleged transfer. en-us Fri, 09 Oct 2009 00:00:00 +0530 Mon, 17 Dec 2012 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206604 For assessment year 1985-86, an alleged land transfer on 7 December 1984 did not constitute a taxable transfer under section 2(47) of the Income-tax Act, 1961 as then in force, because the later-amended provisions covering section 53A-type transactions were not yet applicable. The Finance Act, 1987 amendment operated prospectively from 1 April 1988, so an unregistered or incomplete transaction could not be taxed as a capital gains transfer on that date. The reasoning that capital gains on compulsory acquisition arise only on receipt of compensation was also irrelevant on these facts. No capital gains were chargeable on the alleged transfer. Case-Laws Income Tax Fri, 09 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206604