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1 - 6 of 6 (0.31 seconds)Section 2 in The Wealth-Tax Act, 1957 [Entire Act]
Section 45 in The Wealth-Tax Act, 1957 [Entire Act]
Finance Act, 2012
Sh. Sanjeev Lal Etc. Etc vs Commissioner Of Income Tax ... on 1 July, 2014
In Sanjeev Lal and another Vs. Commissiioner of Income-Tax And Another, (2014) 365 ITR 389(SC), the Supreme Court considered the question as to whether the date on which the agreement for sale was executed could be considered the date on which the property was transferred. The Supreme Court held that when an agreement to sell in respect of immovable property is executed, a right in personam is created in favour of the vendee and when such a right is created in favour of the vendee, the vendor is restrained from selling the said property to someone else because the vendee gets a legitimate right to enforce a specific performance of the agreement. The Supreme Court, while considering the provisions of Section 2 (47) (ii) of the Act held that if a right in respect of any capital asset is extinguished and that right is transferred to someone else, it would amount to transfer of a capital asset. The Supreme Court held that once an agreement to sell is executed in favour of some person, the said person gets a right to get the property transferred in his favour and, consequently, some right of the vendor is extinguished.
Section 37 in The Wealth-Tax Act, 1957 [Entire Act]
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