Transfer cannot be considered merely on the basis of registered agreement

Appasaheb Baburao Lonkar Vs ITO (ITAT Pune) Wherein the initial contract was between the parties on the ground that the assessee would get permission of other co-owners numbering about 13 so as to transfer immovable asset to the purchasers. This was the basic condition of the said agreement between the parties. Admittedly, the said permission could not be obtained by the assessee and though sale deed was registered, transaction could not be culminated. It is further evidenced by the fact that only sum of ₹15 lakhs was paid as against total consideration of ₹2,75,73,600/- settled between th...