Assessee made advance payments to a person for purchasing a commercial plot, and as assessee failed to pay the remaining payments, that person forfeited amounts paid earlier by assessee and cancelled allotment, the assessee claimed the said amount as capital loss. CIT(A) affirmed the order of the Assessing Officer holding that there was no transfer of capital asset. On appeal the Tribunal held that when such right in a capital asset got extinguished pursuant to forfeiture of advance, it amounted to ‘transfer’ within the meaning of section 2(47) and therefore, assessee was justified in claiming long-term capital loss.  (AY. 2017-18)