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COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: November 3, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2009-10
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CITATION:
S. 2(47)(vi): A Power of Attorney which does not enable enjoyment of property does not result in a "transfer". CBDT Circular No.495 dated 22.9.1987 reads more into s. 2(47)(vi) than warranted

(i) There is no transfer to or enabling enjoyment of property in favour of the assessee in any manner and therefore, sub-clause (vi) of Section 2(47) of the Income Tax Act does not get attracted. Clause 21 of the power …

CIT vs. C. Sugumaran (Madras High Court) Read More »

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COURT:
CORAM: ,
SECTION(S): , ,
GENRE:
CATCH WORDS: , , ,
COUNSEL:
DATE: January 1, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2004-05
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CITATION:
S. 2(47)(v): Execution of a Power of Attorney in favour of the builder constitutes part performance u/s 53A of TOP Act and a "transfer" for capital gains

(i) On a reading of the above provision itself, it is clear that possession of the property has been handed over to the builder immediately on receipt of the first installment of the payment from the builder. As per clause …

Cochin Stock Exchanges Limited vs. CIT (Kerala High Court) Read More »