Ajay Kumar Shah Jagati vs Commnr. Of Income Tax

The Supreme Court examined the applicability of Section 2(47)(v) and Section 53A of the Transfer of Property Act in determining capital gains tax liability. The Court held that possession is a crucial element for a transaction to be considered a transfer under the extended definition, and since the Tribunal failed to establish the facts regarding possession and the number of plots conveyed, it could not have allowed the appeal in favor of the assessee. Consequently, the Court set aside the Tribunal's decision, emphasizing the need for clear evidence of possession and transfer.