| COURT: | ITAT Kolkata |
| CORAM: | A. T. Varkey (JM), Dr. A. L. Saini (AM) |
| SECTION(S): | 2(47), 54 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | capital gains, new residential house, transfer |
| COUNSEL: | P. R. Kothari |
| DATE: | September 7, 2018 (Date of pronouncement) |
| DATE: | September 13, 2018 (Date of publication) |
| AY: | 2012-13 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 2(47)/ 54: Though an unregistered agreement to sell does not entitle the parties to seek part performance u/s. 53A of the Transfer of Property Act, 1882, it can be a basis for a suit for specific performance in view of s. 49 of the Registration Act. Consequently, even an unregistered agreement creates a right in favour of the buyer and constitutes a "transfer" of the old property u/s 2(47) for purposes of determining whether the purchase of the new property is within one year of the date of "transfer" of the old property | |
Thus, a right in respect of the capital asset (old residential property in question) has been transferred by the assessee in favour of the vendee/transferee on 16.09.2011 and, therefore, since purchase of the new property on 04.10.2010 which fact has been disputed by the AO/Ld. CIT(A) the purchase of the property is well within one year from the date of transfer as per sec. 2(47) of the Act, therefore, we allow the appeal of the assesse
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