Anandrao C. Rao, Baroda vs Department Of Income Tax on 28 August, 2009
The
ld. A.R. then referred to a decision of I.T.A.T. Mumbai in Dy.CIT v. Ashian
Distributors Ltd. (2001) 70 TTJ 88 for the proposition that if developer
failed to make the payment of last instalment then it will not tantamount
to transfer. In that case, the agreement provided that transferee could
revoke the agreement if the developer did not make the payment as per
instalments. In the present case, no such stipulation is provided in the
agreement and no such right of revocation is given to the present
assessee, therefore, the decision of this case will not be applicable.