https://www.taxtmi.com/caselaws?id=177497 For capital gains purposes, an agreement to sell and delivery of possession did not by themselves effect a transfer where the contract postponed passing of title until payment and execution of the conveyance. The agreement treated earlier receipts as earnest money and did not separately transfer movables and immovables, while the sale deed contained the operative conveyance. Title to the immovable property passed only on execution of the sale deed, and the movables were not shown to have passed earlier. Capital gains were therefore not chargeable on the footing that the transfer occurred on 1 January 1947; the transfer took effect when the sale deed was executed. en-us Wed, 13 Dec 1961 00:00:00 +0530 Mon, 11 Jan 2016 15:30:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177497 For capital gains purposes, an agreement to sell and delivery of possession did not by themselves effect a transfer where the contract postponed passing of title until payment and execution of the conveyance. The agreement treated earlier receipts as earnest money and did not separately transfer movables and immovables, while the sale deed contained the operative conveyance. Title to the immovable property passed only on execution of the sale deed, and the movables were not shown to have passed earlier. Capital gains were therefore not chargeable on the footing that the transfer occurred on 1 January 1947; the transfer took effect when the sale deed was executed. Case-Laws Income Tax Wed, 13 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177497