https://www.taxtmi.com/caselaws?id=351104 For section 2(47) of the Income-tax Act, transfer of immovable property was treated as complete when possession was handed over in part performance of a contract falling within section 53-A of the Transfer of Property Act, even if registration occurred later. On the facts, receipt of sale consideration through banking channels, the agreement to sell, and supporting buyer financial statements showed that the transaction had effectively progressed to completion. Accordingly, exemption under section 54 could not be denied merely because the registered sale deed was executed later, and the assessee was held entitled to the exemption. en-us Thu, 14 Sep 2017 00:00:00 +0530 Mon, 20 Nov 2017 07:24:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351104 For section 2(47) of the Income-tax Act, transfer of immovable property was treated as complete when possession was handed over in part performance of a contract falling within section 53-A of the Transfer of Property Act, even if registration occurred later. On the facts, receipt of sale consideration through banking channels, the agreement to sell, and supporting buyer financial statements showed that the transaction had effectively progressed to completion. Accordingly, exemption under section 54 could not be denied merely because the registered sale deed was executed later, and the assessee was held entitled to the exemption. Case-Laws Income Tax Thu, 14 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351104