No incidence of tax invokable without transfer: Delhi HC

Snerea Properties Pvt. Ltd. Vs ACIT (Delhi High Court) Delhi High Court held that in absence of transfer of title or sale of property, no incidence of tax can be invoked. Accordingly, addition u/s. 68 on account of sale not justifiable in absence of any transfer. Hence, appeal of revenue dismissed. Facts- During the search proceedings conducted in the case of Aerens Group of Companies, a Memorandum of Understanding [MoU] was found and seized from the residence of one Sh. Surender Kr. Gupta. The said MoU reflected that 50% of the share in the property, which was jointly held by the Assessees ha...