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1 - 10 of 10 (0.46 seconds)Section 50C in The Income Tax Act, 1961 [Entire Act]
The Transfer Of Property Act, 1882
Section 53 in The Transfer Of Property Act, 1882 [Entire Act]
Section 17 in The Transfer Of Property Act, 1882 [Entire Act]
Section 49 in The Registration Act, 1908 [Entire Act]
Section 47 in The Transfer Of Property Act, 1882 [Entire Act]
Acit, Circle-5(1), Hyd, Hyderabad vs Lalitha Karan, Hyd, Hyderabad on 4 January, 2017
The learned Counsel for the assessee relied on the impugned appellate
orders passed by the learned CIT(A), and on the paper book. He also
placed reliance on order dated 04/01/2017 passed by Hyderabad Bench of
the Income Tax Appellate Tribunal in I.T.A. No.1130/Hyd/2015 for
assessment year 2011-12 in the case of ACIT vs. Lalitha Karan and on order
dated 10/10/2018 of Agra Bench of the Income Tax Appellate Tribunal in
I.T.A. No.228/Agr/2018 for assessment year 2013-14 in the case of Income
Tax Officer vs. Shri Ramesh Chandra Kulshresth & Brother HUF.
Ito -1(3), Mathura vs Ramesh Chandra Kulshresth & Brother ... on 10 October, 2018
The learned Counsel for the assessee relied on the impugned appellate
orders passed by the learned CIT(A), and on the paper book. He also
placed reliance on order dated 04/01/2017 passed by Hyderabad Bench of
the Income Tax Appellate Tribunal in I.T.A. No.1130/Hyd/2015 for
assessment year 2011-12 in the case of ACIT vs. Lalitha Karan and on order
dated 10/10/2018 of Agra Bench of the Income Tax Appellate Tribunal in
I.T.A. No.228/Agr/2018 for assessment year 2013-14 in the case of Income
Tax Officer vs. Shri Ramesh Chandra Kulshresth & Brother HUF.
Acit, Cc-Ii, Ludhiana vs M/S Jai Bhole Steel Tubes (P) Ltd., ... on 7 September, 2018
Under Doctrine of Part Performance, handing over of
possession by the seller to the buyer is essential requirement to claim
transfer of the land, as per section 47(v) read with section 53A of Transfer
of Property Act. Since this requirement was not met in previous year
relevant to assessment year 2012-13, the assessee's claim that the transfer
took place in previous year relevant to assessment year 2012-13 is wrong.
As neither sale deed was executed nor possession was handed over by the
assessee to BBIPL in previous year relevant to assessment year 2012-13,
the stand taken by the Assessing Officer that the transfer took place in two
parts in previous year relevant to assessment year 2013-14 and 2014-15
having regard to sale deeds dated 31/03/2013 and 12/07/2013 is correct.
The reliance placed by Revenue on the decision of Hon'ble Supreme Court in
the case of Seshasayee Steels P. Ltd. (supra) is also upheld because the
assessee's rights both as to ownership and as to possession, were intact in
the hands of the assessee during previous year relevant to assessment year
2012-13. Merely because book entries were made in the books of the
assessee and BBIPL reflecting the transfer of land on the basis of aforesaid
agreement to sell, dated 10/02/2012, it cannot be said either in law or de
facto, that the transfer took place in previous year relevant to assessment
year 2012-13; and without possession, it was not possible for BBIPL to have
'enjoyment' of the property.
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