https://www.taxtmi.com/caselaws?id=430958 For capital gains purposes, the relevant transfer date depends on whether possession was handed over under an agreement to sell. Where possession is not delivered, the deeming transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act does not apply, and mere execution of the agreement does not complete transfer of immovable property. The registered sale deed is treated as the operative conveyance under section 2(47)(i) of the Income-tax Act and section 47 of the Registration Act. The land's character must be tested on that date; if it has ceased to be agricultural by then, it is treated as a capital asset. The proviso to section 50C(1) was noted but did not change this position. en-us Wed, 30 Nov 2022 00:00:00 +0530 Fri, 02 Dec 2022 07:50:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430958 For capital gains purposes, the relevant transfer date depends on whether possession was handed over under an agreement to sell. Where possession is not delivered, the deeming transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act does not apply, and mere execution of the agreement does not complete transfer of immovable property. The registered sale deed is treated as the operative conveyance under section 2(47)(i) of the Income-tax Act and section 47 of the Registration Act. The land's character must be tested on that date; if it has ceased to be agricultural by then, it is treated as a capital asset. The proviso to section 50C(1) was noted but did not change this position. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430958