Central Government Act

Section 2(47) in The Income- Tax Act, 1995

(47) 5 transfer", in relation to a capital asset, includes,-
(i) the sale, exchange or relinquishment of the asset; or
(ii) the extinguishment of any rights therein; or
(iii) the compulsory acquisition thereof under any law; or
(iv) in a case where the asset is converted by the owner thereof into, or is treated
by him as, stock- in- trade of a business carried on by him, such conversion or
treatment;] 6 or]
(v) 7 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 Transfer of Property Act, 1882 (4 of 1882 ); or
(vi) any transaction (whether by way of becoming a member of, or acquiring
shares in, a co- operative society, company or other association of persons or by
way of any agreement or any arrangement or in any other manner whatsoever)
which has the effect of transferring, or enabling the enjoyment of, any
immovable property. Explanation.- For the purposes of sub- clauses (v) and
(vi)," immovable property" shall have the same meaning as in clause (d) of
section 269UA;]

1. Inserted by the Finance Act, 1965, w. e. f. 1- 4- 1965. This clause needs to be omitted
consequent upon the omission of Chapter XXII- B by the Finance Act, 1990, w. e. f. 1- 4-
1990.
2. Prior to the omission, clause (43B), as inserted by the Finance (No. 2) Act, 1971, w. e. f. 1-
1- 1972, read as under:" (43B)" Tax Recovery Commissioner" means a Commissioner or an
Assistant Commissioner of Income- tax who may be authorised by the Central Government,
by general or special notification in the Official Gazette, to exercise the powers of a Tax
Recovery Commissioner;"
3. Substituted by the Direct Tax Laws (Amendment). Act, 1987, w. r. e. f. 1- 4- 1988 as
amended by the Direct Tax Laws (Amendment) Act, 1989 ]. Prior to the substitution, clause
(44), as substituted by the Finance Act, 1963, w. r. e. f. 1- 4- 1962, read as under:" (44)" Tax
Recovery Officer" means- (i) a Collector or an Additional Collector; (ii) any such officer
empowered to effect recovery of arrears of land revenue or other public demand under any
law relating to land revenue or other public demand for the time being in force in the State as
may be authorised by the State Government, by general or special notification in the Official
Gazette, to exercise the powers of a Tax Recovery Officer; (iii) any Gazetted Officer of the
Central or a State Government who may be authorised by the Central Government, by
general or special notification in the Official Gazette, to exercise the powers of a Tax
Recovery Officer;"
4. Omitted by the Finance Act, 1965, w. e. f. 1- 4- 1965.
5. Substituted for" transfer" in relation to a capital asset, includes the sale, exchange or
relinquishment of the asset or the extinguishment of any rights therein or the compulsory
acquisition thereof under any law;" by the Taxation Laws (Amendment), Act 1984, w. e. f. 1-
4- 1985.
6. Inserted by the Finance Act, 1987, w. e. f. 1- 4- 1988.
7. Ibid.
Section 53A in The Transfer of Property Act, 1882
1[53A. Part performance.Where any person contracts to transfer for
consideration any immoveable property by writing signed by him or on his behalf
from which the terms necessary to constitute the transfer can be ascertained with
reasonable certainty, and the transferee has, in part performance of the contract,
taken possession of the property or any part thereof, or the transferee, being
already in possession, continues in possession in part performance of the contract
and has done some act in furtherance of the contract, and the transferee has
performed or is willing to perform his part of the contract, then, notwithstanding
that 2[***] where there is an instrument of transfer, that the transfer has not been
completed in the manner prescribed therefor by the law for the time being in
force, the transferor or any person claiming under him shall be debarred from
enforcing against the transferee and persons claiming under him any right in
respect of the property of which the transferee has taken or continued in
possession, other than a right expressly provided by the terms of the contract:
Provided that nothing in this section shall affect the rights of a transferee for
consideration who has no notice of the contract or of the part performance
thereof.]