Execution of power of attorney not amounts to transfer of property

Shri S.S. Manthirikumar Vs ITO (ITAT Chennai)

Conclusion: Mere execution of power of attorney could not be considered to be transfer of property. For transfer of property, assessee had to enter into an agreement for sale either by himself or through power of attorney agent and also hand over the physical possession of the property as contemplated under Section 53A of Transfer of Property Act.

Held: AO made an addition in respect of Please become a Premium member. If you are already a Premium member, login here to access the full content.