https://www.taxtmi.com/caselaws?id=383295 An agreement to sell can constitute the date of transfer for section 54F where it creates enforceable rights and extinguishes the transferor's effective control, so the assessee's purchase of the new residential house fell within the prescribed period and the disallowance was unsustainable. For section 54B, the land's agricultural character could not be rejected merely because of the sale deed; the surrounding statutory setting, land use position, and conversion-related facts required proper examination. The Tribunal was directed to reconsider that issue on the correct legal basis. The appeal was therefore allowed on section 54F and remitted on section 54B. en-us Mon, 08 Jul 2019 00:00:00 +0530 Wed, 28 Jan 2026 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383295 An agreement to sell can constitute the date of transfer for section 54F where it creates enforceable rights and extinguishes the transferor's effective control, so the assessee's purchase of the new residential house fell within the prescribed period and the disallowance was unsustainable. For section 54B, the land's agricultural character could not be rejected merely because of the sale deed; the surrounding statutory setting, land use position, and conversion-related facts required proper examination. The Tribunal was directed to reconsider that issue on the correct legal basis. The appeal was therefore allowed on section 54F and remitted on section 54B. Case-Laws Income Tax Mon, 08 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383295