https://www.taxtmi.com/caselaws?id=416524 An agreement to sell, by itself, does not create an interest in immovable property or effect a transfer unless the statutory ingredients of transfer are satisfied, including completion of conveyance or other legally recognised extinguishment of rights; on the facts noted, short-term capital gains were therefore not sustainable for the year in question. Penalty under section 271AAB is linked to a search initiated under section 132 against the person on whom the penalty is imposed, so it cannot be sustained where the assessee was not the searched person. The document also notes mixed outcomes across connected years and issues. en-us Mon, 27 Dec 2021 00:00:00 +0530 Thu, 30 Dec 2021 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416524 An agreement to sell, by itself, does not create an interest in immovable property or effect a transfer unless the statutory ingredients of transfer are satisfied, including completion of conveyance or other legally recognised extinguishment of rights; on the facts noted, short-term capital gains were therefore not sustainable for the year in question. Penalty under section 271AAB is linked to a search initiated under section 132 against the person on whom the penalty is imposed, so it cannot be sustained where the assessee was not the searched person. The document also notes mixed outcomes across connected years and issues. Case-Laws Income Tax Mon, 27 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416524