https://www.taxtmi.com/caselaws?id=210353 Part performance under section 53A, coupled with an agreement for sale, receipt of substantial consideration, handing over of possession, and execution of a power of attorney, brought the immovable property transaction within section 2(47)(v) of the Income-tax Act. The transfer was therefore treated as having occurred in the earlier assessment year, and a later conveyance to the purchaser's nominee did not defer that date. Because section 50C was introduced only from 01.04.2003, its deeming valuation rule did not apply to this earlier transfer. The assessee also qualified for exemption under section 54F because the sale proceeds were invested in a residential flat within the prescribed period and no disqualifying additional residential house was shown. en-us Fri, 24 Jun 2011 00:00:00 +0530 Wed, 08 Feb 2012 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210353 Part performance under section 53A, coupled with an agreement for sale, receipt of substantial consideration, handing over of possession, and execution of a power of attorney, brought the immovable property transaction within section 2(47)(v) of the Income-tax Act. The transfer was therefore treated as having occurred in the earlier assessment year, and a later conveyance to the purchaser's nominee did not defer that date. Because section 50C was introduced only from 01.04.2003, its deeming valuation rule did not apply to this earlier transfer. The assessee also qualified for exemption under section 54F because the sale proceeds were invested in a residential flat within the prescribed period and no disqualifying additional residential house was shown. Case-Laws Income Tax Fri, 24 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210353