https://www.taxtmi.com/caselaws?id=405452 For capital gains, transfer arises when the vendor parts with possession and transfers beneficial rights under the agreement, not when the conveyance is later registered. On the facts, consideration was received by account payee cheques, possession passed on the date of the banakhat, and the document was duly stamped on that date, so the earlier date governed the assessment year. The later registration did not change the effective date of transfer, and the exemption under section 54F could not be denied on the basis adopted by the Assessing Officer. The addition founded on the registration date was therefore unsustainable. en-us Thu, 18 Mar 2021 00:00:00 +0530 Sat, 20 Mar 2021 08:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405452 For capital gains, transfer arises when the vendor parts with possession and transfers beneficial rights under the agreement, not when the conveyance is later registered. On the facts, consideration was received by account payee cheques, possession passed on the date of the banakhat, and the document was duly stamped on that date, so the earlier date governed the assessment year. The later registration did not change the effective date of transfer, and the exemption under section 54F could not be denied on the basis adopted by the Assessing Officer. The addition founded on the registration date was therefore unsustainable. Case-Laws Income Tax Thu, 18 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405452