https://www.taxtmi.com/caselaws?id=235161 Capital gains could not be denied on the basis of an alleged transfer of immovable property to an association of persons unless the transfer was legally effective under property law. Although a transaction may amount to a transfer under Section 2(47) of the Income-tax Act, 1961, immovable property still requires a valid conveyance or a qualifying arrangement of part performance with possession under Section 53-A of the Transfer of Property Act. As neither a conveyance nor such part performance was shown, the alleged transfer was not established on the materials, and assessment of capital gains in the appellant's hands was upheld. en-us Tue, 25 Jun 2013 00:00:00 +0530 Sat, 13 Jul 2013 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235161 Capital gains could not be denied on the basis of an alleged transfer of immovable property to an association of persons unless the transfer was legally effective under property law. Although a transaction may amount to a transfer under Section 2(47) of the Income-tax Act, 1961, immovable property still requires a valid conveyance or a qualifying arrangement of part performance with possession under Section 53-A of the Transfer of Property Act. As neither a conveyance nor such part performance was shown, the alleged transfer was not established on the materials, and assessment of capital gains in the appellant's hands was upheld. Case-Laws Income Tax Tue, 25 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235161