Commissioner Of Income-Tax Bombay Etc vs Podar Cement Pvt. Ltd. Etc on 27 May, 1997
The question now
is no longer res integra having regard to the decision of the Apex Court in CIT v.
Podar Cement (P.) Ltd. [1997] 226 ITR 6252. The Apex Court categorically held
that section 22 of the Act does not require registration of sale deed. The meaning
of the word 'owner' in the context of section 22 has been held to be a person who
is entitled to receive income in his own right.