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No Transfer U/s 2(47) – Temporary Alternate Flat Not Taxable – ITAT Mumbai
Case Law Details
- Case Name
- Shatrughan K. Patil Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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Shatrughan K. Patil Vs ACIT (ITAT Mumbai)
No Transfer u/s 2(47) – Temporary Alternate Accommodation Not Taxable – Addition on Notarised Agreement Deleted – ITAT Mumbai
AO made addition of ₹13.56 lakh treating notarised agreement for flat as consideration received under development agreement and presumed transfer of property. CIT(A) upheld addition. Assessee contended that flat was only temporary alternate accommodation provided by developer during redevelopment and no ownership or transfer existed.
ITAT held that notarised agreement did not confer ownership rights and developer confirm...
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