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Assistant Commissioner Of Income Tax, ... vs Hirehal Jairaj Balram, Bengaluru on 18 December, 2025
cites
Section 53A in The Transfer Of Property Act, 1882 [Entire Act]
Section 48 in The Income Tax Act, 1961 [Entire Act]
Section 50C in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax vs Balbir Singh Maini on 4 October, 2017
In such circumstances, we
find guidance from the ratio laid down by the Apex Court
in CIT Vs. Balbir Singh Maini (supra) that where the
transaction has not materialized, then no profit or gain
which arises from the alleged transfer of capital asset
could be brought to 10 Appasaheb Baburao Lonkar tax
under section 45 r.w.s. 48 of the Act. We hold so. The
grounds of appeal raised by assessee are thus, allowed.
facts of the case before the Apex Court, the entire
ITA No.1961/Bang/2024
Page 24 of 30
transaction of development envisaged in the JDA fell
through because of want of permission and hence, the Apex
Court in such circumstances, held that In point of fact,
income did not result at all for the aforesaid reason. This
being the case, it is clear that there is no profit or gain
which arises from the transfer of a capital asset, which
could be brought to tax under Section 45 read with Section
48 of the Income Tax Act.