Case Law Details
Case Name : Commissioner of Income Tax Vs Delhi Apartments Pvt Ltd (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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No agreement has been signed in this year. The possession has also not been delivered in this year. The twin conditions of execution of written agreement and handing over of the possession have to be cumulatively satisfied in order to bring the case within the ambit of section 2(47)(v) read with section 53A of the Transfer of Property Act. None of these conditions are satisfied. Therefore, it is held that the property has not been transferred in this year. It has also not been sold in this year. Since the transaction of transfer has not taken place in this yea
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In the case of advance received which is not taxable and assessee had also not consider at the time of subsequent sale , my query is that the auditor can consider the advance forfeited in next year while the assessment was mad u/s 143(3) please advice and give cases .
Pls clear my one query regarding the same point –
If advance taken against sale of asset, for how much period we can keep that advance, so that no tax implications will occur. Is there any time period specified??
For eq. IF i take advance against sale in FY 1314 Amt Rs. 5 cr and create document of transfer and tranfer asset in FY 1617. Will is create any complications?