MoU Does Not Trigger Capital Gains Tax; Year of Registered Sale Deed is Relevant

Tushar Enterprises Vs ITO (ITAT Mumbai)

Facts- Tushar Enterprises purchased Gala No. 4, Ground Floor, Satyam Industrial Estate, Jogeshwari (East), Mumbai on 09.08.1995 for ₹12 lakh and entered into a Memorandum of Understanding on 05.02.2004 to sell it to Mr. Prakash Bhagwan Canser for ₹12.51 lakh, receiving ₹3 lakh on 03.01.2004 and agreeing to hand over possession on 31.03.2004.

At the time of the MoU, the property was mortgaged to Bank of Maharashtra as collateral for credit facilities of another company, with the MoU stipulating that the lien would

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