Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 312 - HC - Income TaxCapital gains - Agreement of Sale vs. Agreement to Sell - determination of date of sale - Question is whether the transfer of the shares by the assessee took place on 22nd December, 1992 as contended by the Tribunal, or on 3rd January, 1992 as contended by assessee. - held that: - Permission of the Central Government under section 372 of the Companies Act was granted by the Central Government only on 9th July, 1992. It was only thereafter on 22nd December, 1992 that the respondent effected a transfer of the shares to ATCL and received the balance consideration in respect thereof. The respondent declared the capital gain in respect of the transaction in the assessment year 1993-94. Transfer of shares took place on 3-1-1992 and not on 22-12-1992 as Agreement of Sale was completed on 3-1-1992 - assessee entitled to the benefit of the provisions of section 47(v) of the Act. - in favour of appellant.
|