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2016 (4) TMI 863 - AT - Income TaxAddition on account of capital gain - year of assessment - Held that:- There is merit in the propositions and contentions raised by the assessee. Transfer of the ownership of property based on a on a contract registered or otherwise is to be ascertained from the intention, documents and volition of the parties to the transaction. A different stand cannot be adopted by revenue authorities on one hand not to question about the genuineness of the documents and then hypothecate over the covenants. In our view the unconditional transfer of ownership and possession took place in FY 2011-12 relevant to AY 2012. We uphold the order of ld. CIT(A) holding that transfer of ownership and possession of the impugned land took place in FY 2011-12 relevant to AY 2012-13 the year in which assessee has offered the LTCG her return of income and are liable to be taxed in AY 2012-13. Since we have held the LTCG to be taxable in AY 2012-13 the grounds raised in CO filed by assessee become infructous.
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