Date of transfer of share is date of contract and not date of agreement: ITAT Mumbai

Citicorp International Finance Corporation Vs ADIT (International Taxation) (ITAT Mumbai) ITAT Mumbai held that the date of the agreement by no stretch of imagination could be the date of sale of the shares by the assessee. As date of contract of sale would be date of fulfilment of conditions specified in share purchase agreement, date of contract will be treated as date of transfer. Facts- The assessee has challenged the order of the ld. CIT(A) in upholding that the capital gain of Rs.428,96,85,892/- on sale of equity shares in Progeon Ltd. is short term capital gain (STCG for short) as held ...