Case Law Details
Case Name : Shree Laxmi Estate Pvt.Ltd. Vs ITO (ITAT Mumbai)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Mumbai
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Shree Laxmi Estate Pvt.Ltd. Vs ITO (ITAT Mumbai)
Conclusion: Since assessee had transferred pursuant to registration of the agreement was only the rights in the flat/ office (which was under construction) and not the property per se hence, there was no transfer of any land or building or both by the assessee in favour of the flat buyers pursuant to registration of the agreement in the year under appeal, therefore, the provisions of section 43CA could not be made applicable to the same.
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GIST : Date of Allotment Letter X Date Of Agreement To Sell – In the interim period, no transfer of right to (in the) property (being flat) per se.; implications of sec 43 CA and sec 50C considered and decided accordingly!
SEE the KEY Note in the related Post on FB ; which is seemingly of contextual relevance, adding a new but different dimension (very much expected) to the point made that “right to specific performance” is not the same as/ equivalent to “absolute right to( in the) property” ?!
ALSO see the discussion, – though in another context in which the primary issue was different- as to how the “right to specific performance” came to confused in ineptly drafting the ‘AGREEMENT’, and consequently by AO in interpreting it,
Refer/ read, -the several posts in public domain wrt the SC Judgment in Zuari Estate case.
And, the posted comment @
https://taxguru.in/income-tax/section-1431-intimation-assessment-question-change-opinion.html#pcomments