If agreement for sale of immovable property not registered, it not amounts to transfer

Advertisement Prathamesh Developers Vs ITO (ITAT Pune) The assessee has set up a case that Flat No.C-105, Phase-1 was sold by the assessee to its partner Mr. K.R. Bora in the F.Y. 2011-12 and hence, no sale consideration can be taken up for inclusion in the total income of the assessee for the year in appeal. It is an admitted fact that no registered sale deed was executed in the financial year 2011-12, when the alleged sale took place from the assessee firm to Mr. K.R. Bora. The Hon’ble Supreme Court in CIT Vs. Balbir Singh Maini (2017) 398 ITR 531(SC) has held that if an agreement for s...