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TMI Blog2019 (7) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... The above Explanation comes to the aid and assistance of the assessee and in the instant case, the assessee has received consideration, handed over possession of the property, executed registered Power of Attorney in favour of the holder empowering him to absolutely deal with the property and the arrangement is covered by an agreement for sale. Thus, the agreement for sale should not be read in isolation, but should be read in conjoint with the power of attorney which in sum and substance is irrevocable. We find from the circular issued by the CBDT in Circular No.495 dated 22.09.1987, which is Explanatory Notes on the provisions relating to direct taxes and in the said circular, the Board discusses about the definition of transfer which had been widened to include paragraph 11.2. In terms of the above circular, the newly inserted sub-Clause (vi) of Section 2(47) of the TP Act has brought into the ambit of transfer , practice of enjoyment of property rights through what is commonly known as Power of Attorney arrangements. Tribunal committed an error in holding that the transfer took place only on the date of sale deed which was executed on 27.04.2009. As observed earlie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law in not following the Judgment of the Jurisdictional High Court in the case of other co-owners Smt. P.T. Geetha Ramani Shri P.N.Thiagarajan vide Tax Case Appeal Nos.675 676 of 2017 dated 14.12.2017 and hold that the year of accrual of capital gains is the same as that of the co-owners in respect of transfer of the very same property on the very same documents and transaction? (v) The Tribunal erred in law in directing the CIT(A) to consider only sec 2(47)(v) in the light of the decision of the Apex Court, instead of directing the CIT(A) to decide the issue in accordance with the applicable provisions of the Act. 3.We have heard Mr.Vijayaraghavan, learned counsel for M/s.Subbaraya Aiyar, Padmanabhan Ramamani, for the appellant/assessee; and Mr.M.Swaminathan, learned Senior Standing Counsel and Mrs.V.Pushpa, learned Junior Standing Counsel for the respondent/Revenue. 4.With consent of the learned counsel on either side, this appeal is taken for final disposal at the admission stage itself. 5.We need not labour much to answer the substantial questions of law raised for consideration, as in the connected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd paid capital gains and that there were no long term capital gains taxable in the assessment year 2010-11 to be just and proper. The above finding rendered by the Tribunal is on re-appreciation of the factual position as recorded by the Commissioner of Income Tax (Appeals). In respect of other co-owners, similar orders were passed by the Commissioner of Income Tax (Appeals) and they had attained finality, as the Revenue did not prefer appeals against those orders. In the light of the above factual position, we are of the considered view that the above questions framed by the Revenue stating to be the substantial questions of law would not arise for consideration in these appeals, as the entire matter is fully factual. There is no error of law committed by the Tribunal warranting interference by this Court. 8.Accordingly, the above tax case appeals are dismissed. 8.In the aforementioned judgment, it had been noted that in respect of other co-owners, similar orders were passed by the CIT(A) and they had attained finality, as the Revenue did not prefer any appeals against those orders. Furthermore, the judgment in T.C.A.Nos.67 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation 2:- For the removal of doubts, it is hereby clarified that transfer includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India; 10.A conjoint reading of the above provisions will clearly show that any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in Section 53A of the TP Act. Furthermore, Explanation 2 makes it abundantly clear that transfer includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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