https://www.taxtmi.com/caselaws?id=199520 Under the Sale of Goods Act, property in specific goods passes only when the goods are ascertained and in a deliverable state, with transfer of title depending on the parties' intention. Here, the shares were never delivered, their serial numbers were not identified, no transfer forms or scrips were handed over, and they remained in the assessee's custody and closing stock. The books also did not show credit of the price in 1948, with the alleged settlement appearing only in 1952. On those facts, the 5-2-1948 documents did not effect a transfer of title or equitable ownership, and the amount was taxable as income. en-us Thu, 13 Aug 1981 00:00:00 +0530 Mon, 05 Mar 2018 17:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199520 Under the Sale of Goods Act, property in specific goods passes only when the goods are ascertained and in a deliverable state, with transfer of title depending on the parties' intention. Here, the shares were never delivered, their serial numbers were not identified, no transfer forms or scrips were handed over, and they remained in the assessee's custody and closing stock. The books also did not show credit of the price in 1948, with the alleged settlement appearing only in 1952. On those facts, the 5-2-1948 documents did not effect a transfer of title or equitable ownership, and the amount was taxable as income. Case-Laws Companies Law Thu, 13 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199520