https://www.taxtmi.com/caselaws?id=263398 Capital gains tax under section 45 arises in the year of transfer, and section 2(47) treats delivery of possession in part performance as a transfer. On the facts, the agreement to sell and possession had already occurred in an earlier year, and the transaction was disclosed in that earlier return, so the transfer was held to have taken place before the assessment year under appeal. The long-term capital gain was therefore not taxable in the year under appeal, the addition was deleted, and section 50C did not survive for that year. en-us Fri, 21 Aug 2015 00:00:00 +0530 Wed, 02 Sep 2015 07:45:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263398 Capital gains tax under section 45 arises in the year of transfer, and section 2(47) treats delivery of possession in part performance as a transfer. On the facts, the agreement to sell and possession had already occurred in an earlier year, and the transaction was disclosed in that earlier return, so the transfer was held to have taken place before the assessment year under appeal. The long-term capital gain was therefore not taxable in the year under appeal, the addition was deleted, and section 50C did not survive for that year. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263398