https://www.taxtmi.com/caselaws?id=218835 Capital gains were held taxable where the assessees could not prove delivery of possession in part performance of an earlier agreement. The Court found no reliable material to show that the promoter obtained possession in November 1991 so as to attract section 53A of the Transfer of Property Act and the deeming transfer under section 2(47)(v) of the Income-tax Act. The earlier agreement was not matched by the later power of attorney, while the tripartite arrangement of 27.10.1994 evidenced the effective transfer of the larger undivided share. On that basis, the transaction fell outside section 53A and the gains were assessable in the assessees' hands. en-us Mon, 11 Jun 2012 00:00:00 +0530 Tue, 27 Nov 2012 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218835 Capital gains were held taxable where the assessees could not prove delivery of possession in part performance of an earlier agreement. The Court found no reliable material to show that the promoter obtained possession in November 1991 so as to attract section 53A of the Transfer of Property Act and the deeming transfer under section 2(47)(v) of the Income-tax Act. The earlier agreement was not matched by the later power of attorney, while the tripartite arrangement of 27.10.1994 evidenced the effective transfer of the larger undivided share. On that basis, the transaction fell outside section 53A and the gains were assessable in the assessees' hands. Case-Laws Income Tax Mon, 11 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218835