https://www.taxtmi.com/caselaws?id=35819 Shares, being movable property, pass only when the parties intend title to pass and the transfer is completed in accordance with the contract and governing rules for specific goods. On the facts, the shares were never delivered, identified by serial numbers, or accompanied by transfer forms or share scrips, and no payment was made in 1948; they also remained in the assessee's closing stock. The prior decision on the same assessee was followed, and the claim that equitable ownership had already passed was rejected. The agreement of 5 February 1948 was therefore not treated as a completed sale, and the amount was taxable in the assessee's hands. en-us Tue, 18 Aug 1981 00:00:00 +0530 Wed, 17 Mar 2010 10:17:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35819 Shares, being movable property, pass only when the parties intend title to pass and the transfer is completed in accordance with the contract and governing rules for specific goods. On the facts, the shares were never delivered, identified by serial numbers, or accompanied by transfer forms or share scrips, and no payment was made in 1948; they also remained in the assessee's closing stock. The prior decision on the same assessee was followed, and the claim that equitable ownership had already passed was rejected. The agreement of 5 February 1948 was therefore not treated as a completed sale, and the amount was taxable in the assessee's hands. Case-Laws Income Tax Tue, 18 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35819