Section 2(47)

No transfer on mere registration of Agreement for Sale

Income Tax - Bombay High Court has held that the mere fact that an agreement for sale of property is registered does not make it a conveyance, if such agreements is conditional and possession is not transferred to purchaser....

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Conversion of company into LLP – “Clear road” ahead?

Income Tax - Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient distribution of profits to partners, Limited Liability Partnerships (LLPs) have become one of the most popular modes of doing business in India. With greater clarity in the government’s policy towards LLPs and e...

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Family Arrangement

Income Tax - We see many big business houses run by second or third generation families with different ideologies or intending to diversify their businesses. Occasionally, it leads to separation of business and to family disputes. While most settle the issues amongst themselves, some families drag them to court....

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Budget 2017: Conversion of preference shares to equity not to be treated as transfer

Income Tax - Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However, tax neutrality to the conversion of bond or debenture of a company to share or debenture of that company is provided under the section 47. ...

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Cost of capital asset transferred by demerged company to resulting company

Income Tax - Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting company in the scheme of demerger is not regarded as transfer if the resulting company is an Indian company. In such cases the cost of such asset in the hands of resulting company should be cost of such asset in th...

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Conversion of Cumulative compulsory convertible preference shares into equity shares is not a transfer

Periar Trading Company Private Limited Vs ITO (ITAT Mumbai) - Conversion of cumulative and compulsory convertible preference shares(CCPS) into equity shares cannot be treated as ‘transfer’ under section 2(47) and no capital gain is to be computed upon such conversion....

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Year of taxability on Transfer of land pursuant to development agreement

K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad) - K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully d...

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Loss due to reduction in Face Value of share capital is Capital Loss

M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore) - Section 2(47) is containing an inclusive definition and inter alia, it provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset....

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No transfer on Gift of share in property against cash gift under Family settlement

Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) - Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) We find merits in the arguments of the assessee for the reason that the assessee has gifted her 50% share in the property in favour of her brother in law in pursuance of family arrangement between the family members for acquiring separate property for each f...

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Even Part Performance is ‘Transfer’ for attracting Capital Gain

M/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata) - Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v). ...

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Recent Posts in "Section 2(47)"

Conversion of Cumulative compulsory convertible preference shares into equity shares is not a transfer

Periar Trading Company Private Limited Vs ITO (ITAT Mumbai)

Conversion of cumulative and compulsory convertible preference shares(CCPS) into equity shares cannot be treated as ‘transfer’ under section 2(47) and no capital gain is to be computed upon such conversion....

Read More

No transfer on mere registration of Agreement for Sale

Bombay High Court has held that the mere fact that an agreement for sale of property is registered does not make it a conveyance, if such agreements is conditional and possession is not transferred to purchaser....

Read More
Posted Under: Income Tax |

Year of taxability on Transfer of land pursuant to development agreement

K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad)

K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully developed condition, whereas few like ass...

Read More

Conversion of company into LLP – “Clear road” ahead?

Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient distribution of profits to partners, Limited Liability Partnerships (LLPs) have become one of the most popular modes of doing business in India. With greater clarity in the government’s policy towards LLPs and e...

Read More
Posted Under: Income Tax |

Loss due to reduction in Face Value of share capital is Capital Loss

M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore)

Section 2(47) is containing an inclusive definition and inter alia, it provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset....

Read More

No transfer on Gift of share in property against cash gift under Family settlement

Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai)

Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) We find merits in the arguments of the assessee for the reason that the assessee has gifted her 50% share in the property in favour of her brother in law in pursuance of family arrangement between the family members for acquiring separate property for each family member. The […]...

Read More

Even Part Performance is ‘Transfer’ for attracting Capital Gain

M/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata)

Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v). ...

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Transfer u/s 2(47)(v) in case of Development Agreement completes when complete control over property passed on to developer

CIT Vs. Dr. Arvind S. Phake (Bombay High Court)

Heard the learned counsel appearing for the appellant. The challenge is to the judgement and order passed by the Income Tax Appellate Tribunal, Pune Bench A at Pune (for short Appellate Tribunal) on 30th April, 2014. The substantial questions of law which are placed into service are the questions which reads thus:­...

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Section 2(47) no transfer by Mere entering in Development agreement

Rukiyabanu Gullam Mohiuddin Ahmedji & Anr. Vs CIT (ITAT Mumbai)

Admittedly, possession of the property was not handed over during assessment year 2008-09 and mere execution of agreement for the development of the property could not amount to transfer under section 2(47) of the Act row with section 53A of the transfer of property Act are satisfied as such there can no transfer be considered in the year...

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Family Arrangement

We see many big business houses run by second or third generation families with different ideologies or intending to diversify their businesses. Occasionally, it leads to separation of business and to family disputes. While most settle the issues amongst themselves, some families drag them to court....

Read More
Posted Under: Income Tax |

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