Capital gain cannot be taxed till property gets actually transferred as per agreement

Mahesh D. Saini Vs ITO (ITAT Mumbai) Held that as per agreement, the assessee will hand over physical possession of the property only after the purchaser obtains Intimation of Disapproval. Hence, till the property is not transferred as per the terms of agreement, capital gain on the same cannot be taxed. Facts- The assessee is challenging the order of the CIT(A) confirming the addition of Rs.1,05,37,002/- as long-term capital gain (LTCG) treating the purported capital asset as transfer in view of the provisions of Section 2(47) (v) of the Income Tax Act, 1961 r.w. Section 53A of the Transfer o...