Section 2(47 : No Transfer if the Possession not Given

No ‘transfer’ arose if possession of asset was never given under an agreement to sell

[2015] 57 taxmann.com 27 (Bangalore - Trib.)

IN THE ITAT BANGALORE BENCH 'A'

Abdul Wahab

v.

Deputy Commissioner of Income-tax, Central Circle 1(3), Bangalore

Section 2(47), read with section 45, of the Income-tax Act, 1961 - Capital gains - Transfer (Immovable property) - Assessment year 2006-07 - Whether, where assessee entered into an agreement for sale of property with a partnership firm in which possession of property to said firm was to be delivered on date of registration of sale deed and there was nothing to show that possession was ever delivered by assessee to purchaser in part performance of agreement for sale, there was no transfer within meaning of section 2(47)(v) - Held, yes [Paras 12 and 16] [In favour of assessee]