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2018 (12) TMI 750 - AT - Income TaxAddition of capital gains - whether execution of the conveyance of the land is not a transfer within the meaning of section 50C - Held that:- We find that the above property has been purchased by the purchasers vide agreement dated 11.10.1986 and the same was registered with Sub-Registrar, Mumbai vide registration No BOM/M Ward/GEN/895 of 86-87 dt.26.03.1987. The relevant clause of the registration clearly states about the deposits made by assessee with the society and registration of conveyance deed. Once the property is principally transferred in 1987, we find that the CIT(A) has rightly held the provisions of section 50C of the Act will not applied. We confirm the order of CIT(A) and this issue of Revenue’s appeal is dismissed.
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