Assessee entered into an Agreement for transfer of land on 06.05.200 and simultaneously handed over the possession on receiving the substantial part of sale consideration. The sale deed was registered on 03.08.2006. The case was re-opened and A.O during Assessment held that actual date of transfer i.e the date as per registered sale deed viz 03.08.06 is the real date attracting Sec 45 of the Act, as against assessee’s contention that transfer took place on 06.05.200 ie AY 2001-02, and not in the year under consideration viz A.Y 2007-08. Tribunal held that on assessee’s handing over the possession, on receiving the substantial part of consideration in the year 2000, constituted the Transfer as contemplated u/s.2(47)(v)of the Act r.w.s.53A of the Transfer of Property Act attracting taxability of Capital gain in the AY 2001-02. (AY. 2007-08)
Vasant Laxman Khandge v. ITO (2021) 187 ITD 299 (Pune)(Trib.)
S. 45 : Capital gains-Transfer-Agreement for Transfer and Registration in two different years-Possession handed over along with Agreement of Transfer-Registration done after 5 years-Held Capital gains chargeable in the year in which Agreement of Transfer took place along with handing over the possession and not in the year of registration. [S. 2(47)(v), Transfer of property Act, S. 53A]