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2019 (1) TMI 791 - ITAT KOLKATACapital gain - capital asset - Agreement of assignment of immovable property which is unregistered is transfer u/s. 48 read with sec. 2(47)(v) - Held that:- We are of the view that the CIT(A) as well as the AO erred in referring to the expression “of the nature referred to in sec. 53A” in section 2(47)(v) in order to arrive at the impugned conclusion, so we are inclined to set aside the impugned order. We note that any profit or gain arising from the transfer of a capital asset is chargeable to tax under the head “capital gain” and is deemed to be the income of the financial year in which the transfer took place. And capital asset is defined u/s. 2(14) which means property of any kind held by an assessee whether or not connected with his business or profession. The term capital asset has an embracing connotation and includes every kind of property as generally understood except those that are expressly excluded in the definition. So too, expression property includes every conceivable thing, right or interest (Syndicate Bank Ltd. Vs. Addl. CIT (1985 (3) TMI 48 - KARNATAKA HIGH COURT). And so, if the capital asset is transferred as envisaged under section 2(47) then it has to be taxed as per law. - the issue of taxing the consideration in respect of assignment of leasehold rights need to be de novo carried out by the AO untrammeled by the finding/observations [supra] and of the CIT(A) while deciding the appeal of the assessee. - Appeal of assessee is allowed for statistical purposes.
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