purpose of depreciation. The applicant has no locus standi insofar as ownership is concerned so long as there is no default in payment ... cash, deferred payment or other valuable consideration without the transfer of ownership, and includes a sub-lease but does not include any transfer on hire
seller has transferred to the buyer all significant risks and
rewards of ownership and the seller retains no effective control of
the real estate ... degree usually associated with ownership;
(ii) no significant uncertainty exists regarding the amount of the
consideration that will be derived from the real estate sales
also raised the issue of the year of taxability and
the ownership the detail of thesaid property. The appellant also mentioned few
case laws ... rejected. The Ld. A.O. has also discussed
the issue of the ownership, where the Ld. A.O. noted that the division of the land
that
aspect of the matter she observed that there was по confirmation /
ownership of the money said to have been given by various
persons ... that material. In absence of supporting
evidence as regard to the ownership of the transactions, the AO
failed
belonging to someone else and therefore, in absence of ownership of
agriculture land, the income can not be treated as agriculture income and
therefore shall ... learned AO which is conclusive
evidence of ownership. The appellant also submitted that after purchasing of
land it was given to Apollo Animal Medical Group
income in respect of the where substantial risk and reward relating to
ownership transferred to the buyer even if part development work is
pending. Thus ... ICAI. Such revenue is recognized when all significant risks and rewards
of ownership are transferred to the buyer and no effective control of the real
transaction. Even the assessee did not
produce any record about the ownership of the said land in question, therefore,
to give the concluding finding ... Officer to conduct a necessary enquiry
in respect of the status and ownership of the land in question as on the date of
the alleged
appellant as a "Carrier of goods" does establish his ownership but as
done as provided under the Sales ... appellant has explained full particulars
about the ownership of the goods found in his possession which belong
to 10 persons
transaction and without brining any material
on record with regard to the ownership of the said land to the
assessee.
Treating the sale consideration ... witnesses.
(ii) Copy of revenue records of the land which shows the ownership
of the land vested with Shri Sultan Meena copy at PB page
residential unit of the
assessee [ PAPER BOOK Page no. 40.] Thus the ownership of the said residential
house vests completely with the assessee..
3. Also ... which she had constructed the building, thus
the objection raised regarding the ownership of the said residential house stands
quashed.
4. As regards the objection
