Case Law Details
Case Name : PR. CIT Vs M/s. Talwalkars Fitness Club (Bombay High Court)
Appeal Number : Income Tax Appeal No. 589 of 2016
Date of Judgement/Order : 29/10/2018
Related Assessment Year : 2011-12
Courts :
All High Courts Bombay High Court
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The Pr. CIT Vs M/s. Talwalkars Fitness Club (Bombay High Court)
Mere fact that an agreement for sale of property is registered does not make it a conveyance. The sale or transfer U/s. 2(47) of Income Tax Act, 1961 not completes on the date of the execution of the agreement if there are obligations to be fulfilled by both parties to agreement.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
By this Appeal, the Revenue challenges the order passed by the Income Tax Tribunal allowing the Assessee’s Appeal for the Assessment Year 2011-2012.
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Thank you very much for publishing this important judgement and its succinct summary. This judgement is of help to laymen and brings out the difference between an Agreement of Sale and a Sale Deed – the latter document being one that conveys the property to the buyer.
Thank you very much for publishing this important judgement and its succinct summary. Very useful for laymen to understand the difference between Agreement of Sale and Sale Deed, the latter being the document that conveys all rights in the property to the purchaser.