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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Extinguishment of rights in capital asset is transfer of capital asset

ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) - ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and  capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishm...

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Stock-in-trade transfers in the year in which sale deed gets executed

Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) - ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provision...

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Amount received on retirement by a partner of firm was not subject to income tax

Shri James P. D'Silva Vs DCIT (ITAT Mumbai) - Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax. ...

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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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Recent Posts in "Section 2(47)"

Extinguishment of rights in capital asset is transfer of capital asset

ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai)

ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and  capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishment of assessee’s right in Flat [&hell...

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Stock-in-trade transfers in the year in which sale deed gets executed

Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad)

ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provisions of section 2(47)(v) would apply only t...

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Amount received on retirement by a partner of firm was not subject to income tax

Shri James P. D'Silva Vs DCIT (ITAT Mumbai)

Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax. ...

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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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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...

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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 |

ITAT explains Provisions of Deemed transfer in case of JDA under Section 2(47)(v)

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin)

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) We have carefully perused the JDA entered between the assessee and the developer. As per the JDA (in page 3 para 4), the construction should have completed and the share of build up area marked for the assessee ought to have been handed over within 36 months of obtaining necessary […]...

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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 family member. The […]...

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