https://www.taxtmi.com/caselaws?id=247892 An agreement to sell can constitute a transfer of a capital asset under section 2(47)(vi) of the Income-tax Act where, read as a whole, it effectively conveys or enables enjoyment of immovable property; physical delivery of possession is not essential if the transaction places the transferee in control of the property rights, so capital gains were assessable in the relevant year. Rectification under section 254(2) is confined to mistakes apparent from the record, and where the Tribunal has already considered the material and no obvious error is shown, rectification is not available; the rejection of the rectification applications was therefore upheld. en-us Thu, 22 May 2014 00:00:00 +0530 Mon, 26 May 2014 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247892 An agreement to sell can constitute a transfer of a capital asset under section 2(47)(vi) of the Income-tax Act where, read as a whole, it effectively conveys or enables enjoyment of immovable property; physical delivery of possession is not essential if the transaction places the transferee in control of the property rights, so capital gains were assessable in the relevant year. Rectification under section 254(2) is confined to mistakes apparent from the record, and where the Tribunal has already considered the material and no obvious error is shown, rectification is not available; the rejection of the rectification applications was therefore upheld. Case-Laws Income Tax Thu, 22 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247892