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1 - 9 of 9 (0.21 seconds)Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 43B in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Commissioner Of Income Tax,Meerut, ... vs M/S Virmani Industries Private ... on 12 October, 1995
In
this regard, reliance was placed on the decision
of Hon'ble Supreme Court in the case of CIT Vs.
Virmani Industries Pvt. Ltd. And Others
reported as (1995) 216 ITR 607 (SC) wherein
Hon'ble Supreme Court has held that the
unabsorbed depreciation can be set off against
income under any other head. Similar was also
taken in the following decisions:
The Urban Land (Ceiling And Regulation) Act, 1976
Chaturbhuj Dwarkadas Kapadia vs Commissioner Of Income-Tax on 13 February, 2003
29. The first issue is with regards to year of
levy of capital gain. The assessee has entered
into transaction of sale in question through
development agreement dated 19-3-2007 and
therefore, the terms and conditions laid down
under the development agreement play an
important role in deciding the issue whether the
transfer of land took place in previous year
relevant to the A.Y. 2007-08 or that to A.Y
2008-09. However, as per clauses of the
agreement it was clear that passing of or
transferring of complete control over the
property in favour of the developer as on the
date of agreement i.e. on 19-3-2007. It is only
execution of deed of conveyance which was
deferred till the discharge of full consideration
as per the agreement and not the transfer of
39 ITA 1568/PN/08 and
1329/PN/09
Sathe Biscuit & Chocolate
A.Y. 2005-06 and 2007=08
development rights, which had taken place on
the date of development agreement i.e. 19-3-
2007 and therefore, the capital gain on the
transfer of property is chargeable to tax for the
A.Y. 2007-08. This reasoned finding is
supported by the ratio of jurisdictional High
Court in the case of Chaturbhuj Dwarkadas
Kapadia Vs. CIT (2003) 260 ITR 491 (Bom)
wherein the Hon'ble High Court observed that
once under some clause of the agreement a
limited power of attorney is intended to be given
to the developer to deal with the property, then
the date of agreement would be the relevant
date to decide the date of transfer u/s 2(47_(v)
of the Act. Under the facts and circumstances,
the lower authorities were justified in holding
that the capital gain on sale of land is
chargeable to tax for A.Y. 2007=-08 because the
agreement coupled with posession took place
on 19-3-2007. Same needs no interference
from our side. We uphold the same.
Section 48 in The Income Tax Act, 1961 [Entire Act]
G.R. Radhakrishnan And T.L. Sankaran vs Appropriate Authority on 24 December, 1998
25. Regarding built up structure, we find it undisputed
that land in question had old built up area as well. We
find that in case of G.R. Radhakrishnan Vs. Appropriate
Authority (249 ITR 690 (Mad), the Hon'ble Madras High
Court has held as under.
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