Property Transfer u/s 2(47) Requires Buyer Possession and Consideration Receipt: ITAT Remands Matter for Document Verification

The ITAT remanded a case involving property transfer under Section 247 for document verification. The case dealt with the sale of property where the buyer’s possession and consideration receipt were disputed. The tribunal directed the lower authorities to verify the documentation to ensure the transaction met the legal requirements for property transfer under the relevant section of the Income Tax Act. The remand highlights the importance of verifying property transfer details and ensuring that proper documentation supports transactions for tax purposes.