Immovable Property Transfer Requires Registered Deed, Not Just Possession

Sujauddian Kasimsab Sayyed Vs ITO (ITAT Mumbai) The case of Sujauddian Kasimsab Sayyed Vs ITO (ITAT Mumbai) revolves around the tax implications of a property purchase and the applicability of Section 56(2)(vii)(b) of the Income Tax Act, 1961. The dispute primarily concerns the valuation of the property for stamp duty purposes and the interpretation of when the property was effectively transferred to the assessee. The appeal was filed by Sujauddian Kasimsab Sayyed for the assessment year 2015-16, challenging the order of the Commissioner of Income Tax (Appeals)-3, Thane (CIT(A)). The primary c...