Tax payable on Capital Gain if Possession handed over despite subsequent agreement cancellation

CIT Vs Harbour View (Kerala High Court) We find that the Tribunal went wrong in holding that the possession was not handed over in pursuance of the agreement for sale as contemplated under section 53A of the TP Act. Once the sale agreement comes under the provisions of section 53A of the TP Act, handing over of possession takes place and the provisions under section 2(47) would squarely apply. That apart, the argument of the learned senior counsel for the assessee that contract was subsequently rescinded will not be of any help because the contract was rescinded only subsequent to the assessme...