https://www.taxtmi.com/caselaws?id=217386 For capital gains purposes, a share-sale arrangement did not amount to a completed transfer on receipt of the first instalment where the agreement kept the share certificates in solicitors' custody, withheld any right to deal with the shares or underlying assets, and postponed effective divestment until full payment and release of the documents. The Court held that permission under section 269UC and partial payment alone did not transfer the shares or the flats, and no fresh conveyance of the immovable property had been executed. Accordingly, transfer and capital-gains chargeability did not arise in assessment year 1997-98, and the assessee succeeded. en-us Thu, 04 Oct 2012 00:00:00 +0530 Fri, 12 Oct 2012 22:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217386 For capital gains purposes, a share-sale arrangement did not amount to a completed transfer on receipt of the first instalment where the agreement kept the share certificates in solicitors' custody, withheld any right to deal with the shares or underlying assets, and postponed effective divestment until full payment and release of the documents. The Court held that permission under section 269UC and partial payment alone did not transfer the shares or the flats, and no fresh conveyance of the immovable property had been executed. Accordingly, transfer and capital-gains chargeability did not arise in assessment year 1997-98, and the assessee succeeded. Case-Laws Income Tax Thu, 04 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217386