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2021 (9) TMI 224 - AT - Income TaxCapital gain/ loss on sale of property - unregistered sale agreement - whether it constitute valid transfer under section 53A of Transfer of Property Act - HELD THAT:- No reason to interfere with the observations of the CIT(A) that.A.O. has accepted that the land was sold by the appellant, for which substantial consideration has been received coupled with the handing over of the possession of the said land. The buyer has also reflected the same in her balance sheet and the Wealth Tax Returns subsequently. A.O. has however stated that the property is not yet been registered. There is no requirement within the meaning of the word "transfer" as per Income Tax Act for the charge ability of capital gains, for the registration of property as long as the possession and part consideration has been effected with regard to the subject property. Therefore, the above will have no relevance with regard to the computation and chargeability of capital gains for the year under consideration and the appellant has already offered the sale consideration for the purpose of computing the capital gains or capital loss in the instant case - Decided against revenue .
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