https://www.taxtmi.com/caselaws?id=249062 The SC held that the effective date of transfer under Section 2(47) is the date of the agreement to sell, not the date of the sale deed execution, when a contractual right in personam is created and earnest money paid. The assessee, having entered into an agreement to sell on 27th December 2002 and purchased a new residential property on 30th April 2003, satisfied the conditions under Section 54 for exemption of LTCG. The Court emphasized a purposive interpretation of the Act, granting relief from long-term capital gains tax as the assessee reinvested the gains within the stipulated period. The decision favored the assessee, allowing exemption despite delay in execution of the sale deed due to litigation. en-us Tue, 01 Jul 2014 00:00:00 +0530 Mon, 28 Jul 2025 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249062 The SC held that the effective date of transfer under Section 2(47) is the date of the agreement to sell, not the date of the sale deed execution, when a contractual right in personam is created and earnest money paid. The assessee, having entered into an agreement to sell on 27th December 2002 and purchased a new residential property on 30th April 2003, satisfied the conditions under Section 54 for exemption of LTCG. The Court emphasized a purposive interpretation of the Act, granting relief from long-term capital gains tax as the assessee reinvested the gains within the stipulated period. The decision favored the assessee, allowing exemption despite delay in execution of the sale deed due to litigation. Case-Laws Income Tax Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249062