Where as per MOU for acquiring property, property was to be transferred to assessee only when entire consideration was paid

IT : Where as per MOU for acquiring property, property was to be transferred to assessee only when entire consideration was paid
■■■
[2014] 49 taxmann.com 387 (Kerala)
HIGH COURT OF KERALA
Lachmandas & Sons
v.
Deputy Commissioner of Income-tax*
DR. MANJULA CHELLUR, CJ.
AND A.M. SHAFFIQUE, J.
IT APPEAL NO. 344 OF 2010
JANUARY  3, 2014
Section 2(42B), read with sections 2(29A) and 45, of the Income-tax Act, 1961 - Capital gains - Short term capital gains (Immovable property) - Assessment year 2005-06 - In 2001, assessee-firm entered into a MOU with D for acquisition of property of D - Consideration for such property was paid in 2004 - In 2005 said property was sold - Terms and conditions of MOU clearly indicated that property would not be transferred in name of assessee till entire amount was paid - Whether surplus was a short-term capital gain and not long-term capital gain - Held, yes [Para 8] [In favour of revenue]