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

Central Government Act

(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

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.

a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 1 (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;]