https://www.taxtmi.com/caselaws?id=403453 An agreement for sale combined with an irrevocable power of attorney can constitute a transfer under Section 2(47) of the Income-tax Act, 1961 when it effectively divests the owner of control and rights over the property. The Court noted that the wide definition of transfer covers extinguishment of rights and transactions falling within part performance under Section 53A of the Transfer of Property Act, 1882. On the facts, the powers conferred to deal with, convey, transfer, receive consideration for, and control the property showed constructive transfer of possession and rights, so capital gains tax applied. en-us Tue, 19 Jan 2021 00:00:00 +0530 Fri, 29 Jan 2021 13:32:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403453 An agreement for sale combined with an irrevocable power of attorney can constitute a transfer under Section 2(47) of the Income-tax Act, 1961 when it effectively divests the owner of control and rights over the property. The Court noted that the wide definition of transfer covers extinguishment of rights and transactions falling within part performance under Section 53A of the Transfer of Property Act, 1882. On the facts, the powers conferred to deal with, convey, transfer, receive consideration for, and control the property showed constructive transfer of possession and rights, so capital gains tax applied. Case-Laws Income Tax Tue, 19 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403453