Even Part Performance is ‘Transfer’ for attracting Capital Gain

Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata) The dispute in question is for the transfer of the property in the manner prescribed in sub-clauses (v) introduced in section 2(47) with effect from April, 1988. In our considered view the events which had taken place constituted transfer which includes any transaction which allows possession to be taken/retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882. Thus any transaction entered into in any manner which has the effect of transferring or enabling the enjoyment of any im...