Case Law Details
It was held that transfer of development rights does amount to transfer of land or building and therefore s. 50C is applicable is applicable because u/s 2(47)(v) the giving of possession in part performance of a contract as per s. 53A of the Transfer of property Act is deemed to be a “transfer”. When the assessee received the sale consideration and handed over possession of the property vide the development agreement, the condition prescribed in s. 53A of the Transfer of Property Act was satisfied and u/s 2 (47) (v) the transaction of transfer was completed. The fact that the assessee’s name stands in the municipal records does not change the nature of the transaction.
ORDER
PER VIJAY PAL RAO, JM
These two appeals by the assessees are directed against the two different orders of CIT(A), both dated 24.11.2009 for the assessment year 2006-07. Since issues raised in these appeals is common and the assessee are also co-sharers of the property in question, therefore, for the sake of convenience both the appeals were heard together and are being decided by this composite order.
2. Grounds of appeal taken by both the assessees are common, therefore, the ground taken by the assessee in ITA No.541/Mum/2010 is reproduced below:
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