Mere agreement to sell not result in transfer of asset

Godha Realtors Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the instant case, it is not the case of the AO that the provisions of sec. 53A of the Transfer of Property Act would apply to the impugned transaction. In fact, it is the submission of the assessee that the possession was never given to Shri Ramaiah Reddy. Hence, what was entered by the assessee with the above said person was mere ‘Agreement to sell’. In the Case Of Ushaben Jayantilal Sodhan vs. ITO (2018)(407 ITR 276)(Guj), the Hon’ble Gujarat High Court has held that the agreement to sell will not result in transfer of asset. In that...