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2022 (2) TMI 398 - HC - Income TaxAddition of consideration received on Transfer of land for Development - scope of Section 53A of the Transfer of Property Act as well as Section 2(47) of the Income Tax Act, 1961 - whether pursuant to an un-registered agreement, possession of the property was handed over by the assessee to a company engaged in development of housing projects wholly owned by the State of West Bengal? - HELD THAT:- The legal position is no longer res integra and it would be beneficial to refer to the decision of the Hon’ble Supreme Court in Commissioner of Income Tax Vs. Balbir Singh Maini [2017 (10) TMI 323 - SUPREME COURT] as held that if the development agreement is not registered, it shall have no effect in law for the purposes of Section 53A which bodily stood incorporated in Section 2(47)(v) of the Income Tax Act, 1961. Thus, the Tribunal was right in allowing the assessee’s appeal and granting the relief sought for.- Decided against the revenue.
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