{"id":22967,"date":"2021-12-04T06:13:27","date_gmt":"2021-12-04T00:43:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-abdul-wahabs-2021-320-ctr-874-karnhc\/"},"modified":"2022-01-13T10:12:26","modified_gmt":"2022-01-13T04:42:26","slug":"cit-v-abdul-wahabs-2021-320-ctr-874-karnhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-abdul-wahabs-2021-320-ctr-874-karnhc\/","title":{"rendered":"CIT v. Abdul Wahabs (2021) 320 CTR 874\/ 201 DTR 118 (Karn)(HC)"},"content":{"rendered":"<p>Allowing Revenue\u2019s appeal, the High Court observed that the relevant clauses of power of attorney suggested that the Assessee has handed over all the rights in the property including constructive possession of property; hence impugned transaction is to be treated as sale \/ transfer for the purposes of Section 2(47) of the Act giving rise to capital gains.\u00a0 Appeal of revenue is allowed . \u00a0\u00a0Followed ,\u00a0 Seshasayee Steels P. Ltd. v. ACIT (2020) 421 ITR 46 \/ 313 CTR 375 \/ 187 DTR 241 \/ 275 Taxman 187 (SC) (AY. \u00a02006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45 : Capital gains &#8211; Transfer \u2013 Power of attorney -Since all rights in the property, including constructive possession was handed over by the Assessee to purchaser the transaction has rightly been treated as sale or transfer u\/s 2(47) of the Act by lower authorities, giving rise to capital gains. [ S. 2(47 )(v), 2 (47) (vi )  ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-22967","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5Yr","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22967"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22967\/revisions"}],"predecessor-version":[{"id":23982,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22967\/revisions\/23982"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=22967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=22967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}