AJAY KUMAR SHAH JAGATI vs COMMR.OF INCOME TAX

The Supreme Court addressed the interpretation of Section 2(47)(v) and Section 53A of the Transfer of Property Act in relation to capital gains assessment. The Court held that possession is a crucial element for determining whether a transfer has occurred, and since the Tribunal did not record any finding on possession, the assessment based on the entire consideration of Rs. 25.00 lacs was erroneous. The Court upheld the Tribunal's decision that the assessee was not liable for capital gains on the full amount, as only part of the land was transferred and no proper documentation was provided to substantiate the claims of transfer.