TMI Blog2015 (10) TMI 2720X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 gai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause notice directing the assessee to show cause as to why the provision of Section 50C of the Income Tax Act should not be applied since the assessee had not taken the sale value equal to the value indicated by the Sub-Registrar. On this basis, assessment order was carried out and long term capital gains was worked out by the Assessing Officer. The assessee filed an appeal, which was allowed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h, 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. For facility, Explanation 2 is extracted hereunder: Explanation 2. - For the removal of d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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