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Dr.Syed Rahmatullah Azizullah , ... vs The Income Tax Officer Ward-3 , ... on 10 May, 2019 cites

The Commissioner Of Income Tax vs Dr T K Dayalu on 20 June, 2011

As per above discussion, I have seen that none of the judgments cited by ld. DR of revenue is rending any help to revenue in the present case and the case of the assessee is covered in favour of the assessee by the binding judgment of Hon'ble Karnataka High Court rendered in the case of CIT Vs. Dr. T.K. Dayalu (supra). It is also seen that the objections of the AO that the agreement to sale was not registered agreement is not a valid objection for this reason that the agreement to sale is prior to the amendment in Registration Act and Transfer Property Act by way of Registration and Other Related Laws (Amendment) Act, 2001 and therefore, this objection is also not valid in the present case. Hence I respectfully ITA Nos. 240 & 241/Bang/2019 Page 12 of 12 follow this judgment of Hon'ble Karnataka High Court and hold that no capital gain is arising in these two Assessment Years because of execution of sale deeds in these two years because Transfer has already taken place in the Financial Year 1995-96 relevant to Assessment Year 1996-97 as per agreement to sale executed on 08.05.1995 coupled with receipt of entire sale consideration and handing over of possession by the assessee vendor.
Karnataka High Court Cites 0 - Cited by 73 - Full Document

Commissioner Of Income Tax vs Balbir Singh Maini on 4 October, 2017

Thereafter, in the case of CIT vs. Balbir Singh Maini (supra) in which the Assessment Year involved was Assessment Year 2007-08 and the JDA was dated 25.02.2007. Hence in that case, Hon'ble Apex Court has noted the amendments by way of Registration and Other Related Laws (Amendment) Act, 2001 as per which it was provided that the documents containing contracts to transfer for consideration, any immovable property for the purpose of Section 53A of the Transfer of Property Act, 1882will be registered if they have been executed on or after the commencement of the Registration and Other Related Laws (Amendment) Act, 2001 and if such documents are not registered on or after such commencement then they shall have no effect for the purposes of the said Section 53A of the Transfer of Property Act, 1882. Because of this ITA Nos. 240 & 241/Bang/2019 Page 10 of 12 amendment, it was held by Hon'ble Apex Court in that case that transfer has not taken place in Assessment Year 2007-08 because the JDA was not registered. In the present case, the agreement to sale is dated 08.05.1995 and the same is much before the amendment by way of Registration and Other Related Laws (Amendment) Act, 2001 and therefore, in the present case, it cannot be said that the transfer has not taken place at the time of execution of this agreement to sale on 08.05.1995 which is supported by the payment of full consideration on the same date by the buyer to the vendor and handing over of the possession by the vendor to the buyer. In view of above discussion, I am of the considered opinion that transfer of land has taken place in Financial Year 1995-96 relevant to Assessment Year 1996-
Supreme Court of India Cites 40 - Cited by 173 - R F Nariman - Full Document
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