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2011 (6) TMI 461 - AT - Income TaxSec. 53A of the Transfer of Property Act - business of manufacture and sale of steel - sale of land - As there was delay in making the payment of the balance sale consideration, the assessee had filed criminal complaint against M/s. Vijay Shanthi Builders Ltd - agreed to be paid in 8 instalments supported by post-dated cheques - Hon'ble High Court has recognized that as on 2001 substantial structures are present on the property which is the subject matter of levy of capital gains tax - Held that sale agreement was not complied with and had consequently led to the filing of the criminal complaint shows that the provisions of sec. 53A of the Transfer of Property Act, 1882 were not complied with - clearly shows that the power of attorney granted was also a subject matter of revocation - expenses are recorded in the books, then obviously the assessee is entitled to the claim of expenses along with the indexation - Appeal dismissed
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