POA- Capital Gains

CAPITAL GAINS In favour of: Assessee Capital gains on sale of property cannot be assessed in the hands of power of attorney holder, when no consideration was paid to the actual owner at the time of execution of the power of attorney and the assessee had acted merely as an agent, since there was no transfer to or enabling enjoyment of property in favour of agent in any manner so as to attract Section 2(47)(vi). High Court Of Madras Commissioner Of Income Tax Vs C. Sugumaran : (2014) 90 CCH 0173 ChenHC Decided On: Nov 03, 2014