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No transfer u/s 2(47)(v) in absence of possession of land to JDA
Case Law Details
- Case Name
- ITO Vs State Bank of India Staff Vaibhav Co-op. HSG. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs State Bank of India Staff Vaibhav Co-op. HSG. Ltd. (ITAT Mumbai)
Conclusion: Since possession of land was not handed over to the Developer by assessee-society, therefore, there could not be any transfer within the meaning of section 2(47)(v) read with section 53A of Transfer of Property Act, 1882, even based on part performance of the contract. Accordingly. there was no liability of capital gain tax under section 50C.
Held: Assessee-cooperative society entered into a redevelopment agreement with Developers, whereby society authorized Developer to demolish the said Bungalows and recons...
