TMI Blog2018 (5) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... n force? - Held that:- The transfer was effected on the date on which the document was copied out in the books of Registrar will not be date of transfer. In this case, stamp papers were purchased on or before 30.03.2013 transferor and transferee both put signature on the sale deed on 30.03.2013. Therefore, in our considered opinion, Section 56(2)(vii)(b) of Income Tax Act will not be applicable in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty @ 8% share of the appellant. 2. Both, the Assessing Officer and the Ld. Commissioner of Income-tax (Appeals) - 3, Rajkot failed to appreciate that on date of transfer of immovable property i.e. on 31-03-2013, provisions of Sec. 56(2)(vii)(b) were not in force. 2. The facts of the case are on verification of the details filed by the assessee, it is seen that only the purchase of pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2013, came into effect from the 01.04.2014 which provide for the effect of immovable property purchased for inadequate consideration in the hand of purchaser and requested that my case does not come in Financial Year 2014-15. Hence, the same section does not apply in my case. But ld. A.O. was not agreed with the contention of the assessee and made addition of ₹ 8,16,208/-. 4. Agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt: Capital gains- Accrual- Transfer vis-a-vis registration of immovable property- Capital gains are deemed to be the income of the previous year in which the transfer of capital asset is effected- Expression effected in this context refers to the stage when the transfer of asset becomes complete or operative in the sense that the title of the transferor is extinguished and the title of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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