https://www.taxtmi.com/caselaws?id=348085 An agreement to sell followed by cancellation did not amount to a completed transfer where effective possession was not given, consideration cheques were returned, and the parties expressly nullified the earlier arrangement. Section 53A of the Transfer of Property Act, 1882 was not accepted on these facts to treat the earlier arrangement as a transfer. The later agreement dated 03-12-2008 was treated as the real transfer, so the gain could not be assessed as short term capital gain and was directed to be assessed as long term capital gain. en-us Wed, 13 Sep 2017 00:00:00 +0530 Sat, 16 Sep 2017 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348085 An agreement to sell followed by cancellation did not amount to a completed transfer where effective possession was not given, consideration cheques were returned, and the parties expressly nullified the earlier arrangement. Section 53A of the Transfer of Property Act, 1882 was not accepted on these facts to treat the earlier arrangement as a transfer. The later agreement dated 03-12-2008 was treated as the real transfer, so the gain could not be assessed as short term capital gain and was directed to be assessed as long term capital gain. Case-Laws Income Tax Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348085