Absolute possession of land to developer is transfer within section 2(47)(v)

DCIT Vs R. Muniraju (HUF) (ITAT Bangalore)

ITAT Bangalore held that irrevocable possession and irrevocable power of attorney to transfer/ sell to the developer makes it clear that absolute possession of land is given to the developer and the amounts to transfer within the meaning of section 2(47)(v) of the Income Tax Act.

Facts-

The assessee is a HUF and filed an income tax return for the AY 2010-11 on 25.11.2011. There was search u/s 132 of the Act

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