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Issues involved: Interpretation of capital gains tax u/s 2(47) and possession of property u/s 53A of Transfer of Property Act for assessment year 1992-93.
Summary: The appeal by the revenue raised the question of whether the Tribunal was correct in considering the capital gains offered by the assessee for the assessment year 1992-93, despite the sale deed being registered later and permission to cut trees obtained in the next assessment year. The assessee agreed to sell land, received sale consideration, and put the purchaser in possession under section 53A of the Transfer of Property Act. The department argued that since permission to cut trees was obtained in the next year, capital gains tax should be computed for 1992-93. The Commissioner of Income Tax (Appeals) partially allowed the appeal, and the Income Tax Appellate Tribunal upheld the assessee's position based on relevant legal definitions. The High Court concurred with the Tribunal's decision, citing the provisions of section 2(47) and section 269UA(d) of the Income Tax Act. The appeal was dismissed, leaving the revenue to complete the assessment for the year 1992-93.
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