https://www.taxtmi.com/caselaws?id=49306 Section 12B of the Income-tax Act, 1922 applied only when title to a capital asset passed by sale or effective transfer within the relevant period. A mere agreement to sell did not constitute a transfer, and immovable property could not pass by delivery of possession alone; a registered conveyance was required. Entries in the account books did not determine the transfer date. Stock was outside the definition of capital asset, while furniture, as movable property capable of transfer by delivery, stood on a different footing. On these facts, goodwill and the immovable assets were not transferred before 1 April 1948, so the receipt was not wholly taxable as capital gains for 1948-49. en-us Mon, 29 Mar 1965 00:00:00 +0530 Wed, 20 Aug 2014 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49306 Section 12B of the Income-tax Act, 1922 applied only when title to a capital asset passed by sale or effective transfer within the relevant period. A mere agreement to sell did not constitute a transfer, and immovable property could not pass by delivery of possession alone; a registered conveyance was required. Entries in the account books did not determine the transfer date. Stock was outside the definition of capital asset, while furniture, as movable property capable of transfer by delivery, stood on a different footing. On these facts, goodwill and the immovable assets were not transferred before 1 April 1948, so the receipt was not wholly taxable as capital gains for 1948-49. Case-Laws Income Tax Mon, 29 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49306