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Capital Gains Deleted as No Transfer Occurred Without Possession and Full Payment
Case Law Details
- Case Name
- Purav Mahendra Mehta Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Purav Mahendra Mehta Vs ACIT (ITAT Mumbai)
Registration Alone of Agrement to Sell Doesn’t Trigger Capital Gains — Mumbai ITAT Applies ‘Transfer’ Principles
Assessment was completed u/s 143(3) taxing capital gains of ₹80,76,511 on sale of three commercial units. CIT(A) confirmed the addition.
Before Tribunal, Assessee submitted that only part consideration (between 5% to 13%) was received during FY 2014-15 & possession was never handed over. Agreements to Sell , though registered on 07.12.2014, specifically stated in Clause 7 & 8 that title transfer & possession would occu...
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