Section 2(47)

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....

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. ...

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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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). ...

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 wh...

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 c...

Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam) - In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is phys...

Transfer u/s 2(47) completes only when conditions of sec 53A of transfer of property act gets fulfilled

C.S. Atwal Vs CIT (Punjab & Haryana High Court at Chandigarh) - ITAT held that Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled to attract sec 2(47). In the absence of registration of JDA...

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Recent Posts in "Section 2(47)" | Total 9 Posts

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). ...

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:...

Posted Under: Income Tax | Judiciary | All High Courts, Bombay High Court

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...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

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....

Posted Under: Income Tax | Articles

Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam) -

In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of sh...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Visakhapatnam

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

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. ...

Posted Under: Income Tax | Articles

Transfer u/s 2(47) completes only when conditions of sec 53A of transfer of property act gets fulfilled

C.S. Atwal Vs CIT (Punjab & Haryana High Court at Chandigarh) -

ITAT held that Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled to attract sec 2(47). In the absence of registration of JDA...

Posted Under: Income Tax | Judiciary | All High Courts, Punjab and Haryana HC

Cost of capital asset transferred by demerged company to resulting company

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...

Posted Under: Income Tax | Articles

S. 2(47) Retirement of partner does not tantamount to transfer

ACIT Vs Shri N. Prasad (ITAT Hyderabad) -

When a partner receives her/his share in the assets of the partnership firm or when he receives anything in excess of her/his share in the assets of the partnership firm and even in a case a partner receives a share of profit either in case of retirement or in case of dissolution, the same cannot be brought to tax ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Hyderabad