“Section 2(47)”

Section References (mined)Section 2Section 2(47)570 judgments

The decision most relied on for Section 2(47) is CIT v. Balbir Singh Maini (398 ITR 531), cited in 228 judgments on BharatTax.

Leading authorities on Section 2(47)

CIT v. Balbir Singh Maini

398 ITR 531 · 2017 · Supreme Court

228

citing judgments

A transfer of immovable property, for the purpose of capital gains under section 2(47)(v) of the Income-tax Act, occurs only when the agreement allowing possession in part performance of a contract is a registered instrument, as mandated by Section 53A of the Transfer of Property Act.

Chaturbhuj Dwarkadas Kapadia v. CIT

260 ITR 491 · 2003 · High Court

150

citing judgments

For capital gains purposes, a 'transfer' under section 2(47)(v) occurs and capital gains arise in the year when possession of the property is handed over in part performance of a contract, such as a joint development agreement. This was the settled position before the specific provisions of section 45(5A) were introduced.

CIT v. Asahi India Safety Glass Ltd.

346 ITR 329 · 2012 · High Court

129

citing judgments

Expenses incurred for software license purchase, development of miscellaneous software, and maintenance of websites are considered revenue in nature. Such expenses are deductible in the year they are incurred.

Sanjeev Lal v. CIT

365 ITR 389 · 2014 · Supreme Court

122

citing judgments

For claiming capital gains exemption under beneficial provisions like section 54, the 'date of transfer' can be the date of the agreement to sell, particularly when coupled with substantial advance consideration or an enforceable right, adopting a purposive and liberal interpretation to acknowledge the assessee's intent.

CIT v. Manjula J. Shah

355 ITR 474 · 2013 · High Court

113

citing judgments

For capital assets acquired by gift or will, the indexed cost of acquisition under Section 48 is computed with reference to the year the previous owner first held the asset. The period of holding for determining if an asset is long-term also includes the previous owner's holding period, as per Section 2(42A).

Nirmala L. Mehta v. A. Balasubramaniam, CIT

269 ITR 1 · 2004 · High Court

108

citing judgments

There can be no estoppel against the statute, meaning tax cannot be levied or collected without express authority of law. An appellate authority may adjudicate additional claims or legal contentions to ensure the correct tax liability is determined.

PCIT v. Chain House International (P) Ltd.

98 Taxmann.com 47 · 2018 · High Court

104

citing judgments

The Assessing Officer cannot arbitrarily reject a share valuation report prepared by an expert using recognized methods like NAV or DCF for the purpose of Section 56(2)(viib) without providing valid reasons to demonstrate its perversity or unreasonableness.

Sunil Siddharthbhai v. CIT

156 ITR 509 · 1985 · Supreme Court

citing judgments

A partner's contribution of a personal asset to a partnership firm does not amount to a "transfer" for capital gains purposes under the Income-tax Act, as the consideration (the partner's interest in the firm) is indeterminate, and the computational machinery for capital gains fails.

Judgments citing Section 2(47)

Shri. Kola Venkat Rama Naidu, Bangalore vs. The Commissioner of Income Tax (Appeals) - 6, Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 206/BANG/2020[2010-11]Status: DisposedITAT Bangalore05 Aug 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri Sumer Singh Meena, D.R

Section 133ASection 2(47)(v)Section 250

assessment in spite of repeated request by the Appellant. (9) The Respondent erred in holding that there was "transfer" within the meaning of section 2(47)(v) of the Income Tax Act, 1961 is clearly un- sustainable in law. Kola Venkat Rama Naidu, Bangalore Page 3 of 33 (10) Without ... that the permissive possession of land was given to the developer only in October, 2013. The A.O. treated the transfer in terms of section 2(47)(v) of the Act and computed the short term capital gain arising out of JDA. Further, during the survey, the assessee was asked

Rajesh R. Sawlani, Mumbai vs. ITO 4(2)(1), Mumbai

In the result, this appeal is allowed for statistical purposes in the terms indicated above

ITA 1498/MUM/2019[2014-15]Status: DisposedITAT Mumbai03 Aug 2022AY 2014-15

Section 143Section 56Section 56(2)Section 56(2)(vii)

ITA No.1498/Mum/2019 Assessment Year: 2014-15 Page 1 of 9 INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘D’ BENCH, MUMBAI [Coram: Pramod

Smt.Vani Shree, Bangalore vs. Income Tax Officer Ward-6(2)(4), Bangalore

In the result, the appeal filed by the assessee stands dismissed

ITA 383/BANG/2019[2015-16]Status: DisposedITAT Bangalore28 Jul 2022AY 2015-16

Bench: Smt. Beena Pillai & Shri. Laxmi Prasad Sahuassessment Year : 2015-16 Smt. Vani Shree, No. 49, 3Rd Cross, The Income-Tax Marappa Thota, Officer, J.C. Nagar, Ward 6 (2)(4), Bangalore – 560 006. Bangalore. Vs. Pan: Gayps9756K Appellant Respondent : Shri S.V. Ravi Shankar, Assessee By Advocate : Shri Ramesh B.R., Addl. Cit Revenue By (Dr) Date Of Hearing : 09-06-2022 Date Of Pronouncement : 28-07-2022 Order Per Beena Pillaipresent Appeal Is Filed By The Assessee Against Order Dated 05.12.2018 Passed By The Ld.Cit(A)-6, Bangalore For A.Y. 2015-16 On Following Grounds Of Appeal: “1. The Order Of The Learned Commissioner Of Income-Tax (Appeals), Bengaluru, Passed Under Section 250 Of The Act In So Far As It Is Against The Appellant Is Opposed To Law, Weight Of Evidence, Natural Justice, Probabilities, Facts & Circumstances Of The Appellant'S Case. 2. The Appellant Denies Herself To Be Liable To Be Assessed To Total Income Of Rs.2,16,39,499/- On The Facts & Circumstances Of The Case.

For Respondent: Shri S.V. Ravi shankar

Section 143(2)Section 234ASection 250Section 54F

date on which the developer took possession of the property, the transfer of the asset as defined under the provisions of section 2(47)(v)of the Act r.w.s. 53A of the Transfer of Property Act took place on that date and hence the capital gains arising from ... shall not amount to delivery of possession in part performance of contract, under the provisions of the Transfer of Property Act 1882 or Section 2(47) of the Income Tax Act.” 24. We refer to certain clauses in the JDA between the assessee and the developer, that are as under

Mr.Rahil Mahesh Kumar Nizamuddin, Bangalore vs. Deputy Commissioner of Income Tax (International Taxation) Circle-1(2), Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 892/BANG/2019[2014-15]Status: DisposedITAT Bangalore18 Jul 2022AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2014-15

For Appellant: Shri K.Y. Ningoji Rao, A.RFor Respondent: Shri V.S. Chakrapani, D.R

Section 48Section 54FSection 55A

such possession shall not be construed as delivery of possession as contemplated u/s 53A of the Transfer of Property Act read with section 2(47)(v) of the Income Tax Act, 1961. 10.3 However, for certain obvious reasons the Appellant and his father delivered the vacant possession ... Appellate Authority are opposed to facts and law. 1. In support of this the Appellant relies on the following: (a) The provisions of Section 2(47)(v) which comes in to operation in the case of the Appellant on delivery physical possession on 16.6.2014 and hence the gains are assessable

Assistant Commissioner of Income Tax 25(3), Mumbai vs. Pankaj Enterprises, Mumbai

In the result, both the appeals of the Revenue for AY 2012

ITA 4876/MUM/2017[2012-13]Status: DisposedITAT Mumbai06 Jul 2022AY 2012-13

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

For Appellant: Mr. Shankarlal L. Jain, ARFor Respondent: Mr. Jasdeep Singh, CIT-DR

previous year corresponding to AY 2009 corresponding to AY 2009-10 and therefore in terms of section 10 and therefore in terms of section 2(47) of the Act read with section 53A of Act read with section 53A of Transfer of Property Act of Property Act, the capital gain ... year of 10 as the year of chargeability of income. chargeability of income. Under Section 2(47) (v),any transaction involving allowing of possession to be Under Section 2(47) (v),any transaction involving allowing of possession to be Under Section 2(47) (v),any transaction involving allowing of possession

Assistant Commissioner of Income Tax 25(3), Mumbai vs. Pankaj Enterprises, Mumbai

In the result, both the appeals of the Revenue for AY 2012

ITA 4875/MUM/2017[2009-10]Status: DisposedITAT Mumbai06 Jul 2022AY 2009-10

For Appellant: Mr. Shankarlal L. Jain, ARFor Respondent: Mr. Jasdeep Singh, CIT-DR

Pankaj Enterprises, Mumbai vs. Jt CIT RG 25(3), Mumbai

In the result, both the appeals of the Revenue for AY 2012

ITA 3773/MUM/2017[2012-13]Status: DisposedITAT Mumbai06 Jul 2022AY 2012-13

For Appellant: Mr. Shankarlal L. Jain, ARFor Respondent: Mr. Jasdeep Singh, CIT-DR

DCIT Circle- 2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd, Mumbai

ITA 928/MUM/2020[2009-10]Status: DisposedITAT Mumbai05 Jul 2022AY 2009-10

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R

Section 145Section 14ASection 92CSection 92F

Fixed Assets to Stock in Trade) & Business income (pertaining to revenue accruing thereafter). 55. Our attention was drawn towards the provision of section 2(47)(iv) of the Income Tax Act, 1961 ("the Act") "transfer, in relation to a capital asset, includes, - …… ……. 30 M/s. The Bombay Dyeing

ACIT, Circle - 2(1)(1), Mumbai vs. The Bombay Dyeing & Mfg. Co. Ltd., Mumbai

ITA 3299/MUM/2019[2010-11]Status: DisposedITAT Mumbai05 Jul 2022AY 2010-11

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R

Section 145Section 14ASection 92CSection 92F

ACIT, Circle - 2(1)(1), Mumbai vs. The Bombay Dyeing & Mfg. Co. Ltd., Mumbai

ITA 2779/MUM/2019[2013-14]Status: DisposedITAT Mumbai05 Jul 2022AY 2013-14

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R

Section 145Section 14ASection 92CSection 92F

Smt Munilakshamamma, Bangalore vs. Commissioner of Income Tax (A)-7, Bangalore

In the result, the appeal filed by the assessee is partly allowed

ITA 880/BANG/2017[2012-13]Status: DisposedITAT Bangalore05 Jul 2022AY 2012-13

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.T.Srinivas Rao, CAFor Respondent: Sri.Sankar Ganesh K, JCIT-DR

Section 132Section 2(14)Section 2(47)(v)Section 45Section 53A

executed on 26.03.2011 relevant the assessment year 2012-2013. It was further stated that there is transfer in terms of section 2(47) of the I.T.Act on execution of JDA when the builder will provide the constructed portion to the assessee. It was further held that as per the terms ... reiterated that the legal possession of the property was never handed over to the developer. Therefore, there is no transfer as per section 2(47) of the I.T.Act read with section 53A of the Transfer of Property Act. Further the learned AR by placing reliance on the judgment

M/S. Rallis India Ltd., Mumbai vs. Dy CIT, Cicle-8(1)(1), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 913/MUM/2021[2015-16]Status: DisposedITAT Mumbai04 Jul 2022AY 2015-16

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahmanm/S. Rallis India Ltd Vs. Dcit, Circle – 8(1)(1) C/O Kalyaniwalla & Room No. 624, 6Th Mistry Llp, 2Nd Floor, Floor, Aayakar Bhavan Esplanade House, 29, M.K Road, Hazarimal Somani Mumbai – 400020. Marg, Mumbai – 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcr2657N Appellant .. Respondent Appellant By : Mr.Jitendra Jain.Ar Respondent By : Mr.S.N Kabra. Dr Date Of Hearing 03.06.2022 Date Of Pronouncement 04.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Principle Commissioner Of Income Tax (Pr.Cit) – 8, Mumbai Passed U/S 263 Of The Act.

For Appellant: Mr.Jitendra Jain.ARFor Respondent: Mr.S.N Kabra. DR

Section 10(34)Section 10ASection 115JSection 143(2)Section 14ASection 2(47)Section 263Section 263eSection 80Section 801A

plot was adjusted against the allotment of the same plot at Z-1 M/s Rallis India Ltd, Mumbai. 12. As per section 2(47) of the Act, transfer in relation to a capital asset includes any transaction involving in allowing of the possession of any immovable property to be taken ... performance of a contract of the nature referred to in 53A of the Transfer of property Act, 1882. The transactions not covered under section 2(47) of the Act is not considered a transfer. Further, as a maxim, notional incomes are not taxed and notional losses are not allowed under

K.G. Krishna, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle- 1(4), Bangalore

ITA 312/BANG/2020[2012-13]Status: DisposedITAT Bangalore24 Jun 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Smt. Suman Lunkar, A.RFor Respondent: Shri Pradeep Kumar, CIT(DR) (Written submissions) &

Section 153A