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Transfer of title completes with registered sale deed & not with mere agreement to sale
Case Law Details
- Case Name
- ITO Vs Grow More Buildtech Pvt Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Grow More Buildtech Pvt Ltd (ITAT Delhi)
ITAT Delhi held that sale transaction cannot be said to be completed as and when the assessee has entered into the agreement to sale. Transfer of title is complete through registered sale deed.
Facts- Based on the information, AO noted that the assessee has entered into an agreement to sale dated 04.12.2009, wherein, it had transferred/sold its right over a piece of land to M/s. Vatika Ltd. for a total consideration of Rs.7.00 crores. Whereas, the assessee has not offered the profit out of such sale for taxation in the impugned assessment year.
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