https://www.taxtmi.com/caselaws?id=377046 Transfer of the property was completed in 1991 when the agreement to sell was executed and possession had already been delivered, so the transaction fell within section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act. The later sale deed executed in 2009 did not amount to a fresh transfer in the assessee's hands because the assessee acted only as a general power of attorney holder for the original owner. On that basis, section 50C could not be applied to tax capital gains in the year under consideration, and the long-term capital gains addition was deleted. en-us Mon, 18 Mar 2019 00:00:00 +0530 Wed, 20 Mar 2019 08:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377046 Transfer of the property was completed in 1991 when the agreement to sell was executed and possession had already been delivered, so the transaction fell within section 2(47)(v) of the Income-tax Act read with section 53A of the Transfer of Property Act. The later sale deed executed in 2009 did not amount to a fresh transfer in the assessee's hands because the assessee acted only as a general power of attorney holder for the original owner. On that basis, section 50C could not be applied to tax capital gains in the year under consideration, and the long-term capital gains addition was deleted. Case-Laws Income Tax Mon, 18 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377046