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2014 (6) TMI 564 - AT - Income TaxScope of the Term sale u/s 2(47) - sale of land – advance received by the assessee but possession was not given - Sale to be treated as capital gain or not u/s 45 of the Act - Agreement entered after 12 months of payment – Held that:- CIT(A) was of the view that the land remained vested in Gram Sabha for the entire period from 29/03/2005 to 25/08/2007 - the appellant could not have handed over possession to the prospective buyer during the previous year relevant to AY 2007-08 - there is absolutely no material on record to justify any finding of possession - the possession of property was neither given nor allowed to be retained, provisions of s. 53A of Transfer of Property Act r/w s. 2(47)(v) of the I.T. Act have no application - there was no valid “transfer” of the land during the P.Y. relevant to AY 2007-08 so as to give rise to any income in the form of capital gains – Decided against Revenue.
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