Gautam Jhunjhunwala v. ITO( 2018) 173 ITD 93/170 DTR 153/ 195 TTJ 753 (Kol)(Trib),www.itatonline.org

S. 54 : Capital gains – Profit on sale of property used for residence –Unregistered document-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 [ S. 2(47) ,45 , Transfer of Property Act, 1882,S,53A, Registration Act ,1908,17(1)(a), 49 ]