Held that the Tribunal was correct in holding that the shares owned by the assessee were not transferred in the assessment year 1998-99, but were transferred on May 5, 1998, in the assessment year 1999-2000, when the shares were delivered by the bank to the purchasers. ( AY.1998-99, 1999-2000 )
Arjun Malhotra v. CIT (2018) 403 ITR 354/166 DTR 235/ 255 Taxman 399/ 304 CTR 454 (Delhi) (HC)
S.45:Capital gains — Shares purchased was pledged with bank – Actual date of transfer is when shares were delivered by bank to entity in subsequent assessment year. [ S.48 ]