Effective date of transfer of shares for capital gains when agreement to transfer of shares is revocable

Recently ITAT Mumbai in the case of Mrs. Hami Aspi Balsara (Taxpayer) v ACIT. [2009-TIOL-789-ITAT-MUM] held that where a transfer of shares is made conditional upon fulfilment of certain covenants by the parties, the transfer can be regarded as complete only upon the fulfilment of such covenants. In the facts of the

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