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2015 (10) TMI 2720 - ALLAHABAD HIGH COURTLong term capital gains - selection of year for assessment - year of transfer of asset - Held that:- From a perusal of the order of the first appellate authority as well as of the Tribunal, we find that the registered sale agreement was executed on 27th January, 2005 and the sale consideration was paid on 10th January, 2005 and 31st March, 2005. Possession was also handed over to the buyer. In view of the aforesaid, the "transfer" was complete as per the provision of Section 2(47)(6) of the Act. Explanation 2, which was added by Finance Act, 2012 with retrospective effect from 1st April, 1962 is clearly applicable in the instant case. The long term capital gains could only be computed in the year when the property was transferred, namely, in the financial year 2004-05 that is (3) assessment year 2005-06.
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