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2021 (1) TMI 1045 - HC - Income TaxCapital gain - transfer of property u/s 2(47) - assessee had sold certain properties and had not paid capital gains - proceedings under Section 153C of the Act read with Section 143(3) were initiated - HELD THAT:- Perusal of relevant clauses of the Power of Attorney which was executed on the same day, it is evident that all rights in the property including the possession constructively infact has been handed over by the assessee to the purchaser. Therefore, we have no hesitation in holding that the aforesaid transaction is the same within the meaning of Section 2(47) of the Act and the Assessing Officer as well as the Commissioner of Income Tax (Appeals) has rightly treated the same to be a transaction of sale. However, the Tribunal, without taking into account the incriminating material on record, merely on the basis of the fact that the possession of the property under the agreement was not delivered, has held the same to be not sale. - Decided in favour of the assessee.
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