CIT v. Balbir Singh Maini

398 ITR 531Supreme Court of India2017#391 most cited

What is CIT v. Balbir Singh Maini authority for?

A transfer of immovable property, for the purpose of capital gains under section 2(47)(v) of the Income-tax Act, occurs only when the agreement allowing possession in part performance of a contract is a registered instrument, as mandated by Section 53A of the Transfer of Property Act.

228

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2026.

Also referred to as

Balbir Singh Maini · section 2(47)(v) · section 53A Transfer of Property Act · unregistered development agreement · joint development agreement · capital gains · transfer of immovable property · date of transfer · registration requirement · part performance

Also reported as

86 Taxmann.com 94251 Taxmann 20212 SCC 354

Sections most often in play

Section 148Section 143(3)Section 147Section 48Section 2(47)Section 2(47)(v)Section 53ASection 45
Read the full judgment

Issues it is cited on

section 2(47)(v)section 53asection 53section 2(47)jdajoint development agreementsection 49right to receiveproject completion methodtransfer of capital assetsection 45date of transfer

Judgments citing CIT v. Balbir Singh Maini

Vijaya Lakshmi Ravula, Guntur vs. Income Tax Officer, Ward-2(1), Guntur

In the result, all the 4 appeals of the assessee are allowed

ITA 218/VIZ/2024[2016-17]Status: DisposedITAT Visakhapatnam13 May 2025AY 2016-17

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

For Appellant: Shri C. Subrahmanyam, CAFor Respondent: : Shri Satyasai Rath, DR
Section 143(2)Section 143(3)Section 147Section 148Section 151Section 2(47)Section 263Section 53A

…onstrued as part consideration under the agreement to sell or in part performance agreement to sell. Apart from the judgments relied upon by the learned AR of the assessee including the judgment of the Hon'ble Supreme Court in the case of CIT vs. Balbir Singh 398 ITR 531 (SC), there is a recent judgment of the Hon'ble Telangana High Court in the case of Smt. Shanta Vidya Sagar Annam vs. Income Tax Officer reported in 303 Taxmann 348 whereby the Hon'ble High Court has considered an identical issue of transfer in relation to capital asset and consequent Page 16 of 26 ITA 209 of 2024 and others Konda Srinivasa Red…

Swarajyam Dontireddy, Guntur vs. Income Tax Officer, Ward-2(1), Guntur

In the result, all the 4 appeals of the assessee are allowed

ITA 217/VIZ/2024[2016-17]Status: DisposedITAT Visakhapatnam13 May 2025AY 2016-17

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

For Appellant: Shri C. Subrahmanyam, CAFor Respondent: : Shri Satyasai Rath, DR
Section 143(2)Section 143(3)Section 147Section 148Section 151Section 2(47)Section 263Section 53A

…onstrued as part consideration under the agreement to sell or in part performance agreement to sell. Apart from the judgments relied upon by the learned AR of the assessee including the judgment of the Hon'ble Supreme Court in the case of CIT vs. Balbir Singh 398 ITR 531 (SC), there is a recent judgment of the Hon'ble Telangana High Court in the case of Smt. Shanta Vidya Sagar Annam vs. Income Tax Officer reported in 303 Taxmann 348 whereby the Hon'ble High Court has considered an identical issue of transfer in relation to capital asset and consequent Page 16 of 26 ITA 209 of 2024 and others Konda Srinivasa Red…

Veerareddy Gogula, Guntur vs. Income Tax Officer, Ward-2(1), Guntur

In the result, all the 4 appeals of the assessee are allowed

ITA 216/VIZ/2024[2016-17]Status: DisposedITAT Visakhapatnam13 May 2025AY 2016-17

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

For Appellant: Shri C. Subrahmanyam, CAFor Respondent: : Shri Satyasai Rath, DR
Section 143(2)Section 143(3)Section 147Section 148Section 151Section 2(47)Section 263Section 53A

…onstrued as part consideration under the agreement to sell or in part performance agreement to sell. Apart from the judgments relied upon by the learned AR of the assessee including the judgment of the Hon'ble Supreme Court in the case of CIT vs. Balbir Singh 398 ITR 531 (SC), there is a recent judgment of the Hon'ble Telangana High Court in the case of Smt. Shanta Vidya Sagar Annam vs. Income Tax Officer reported in 303 Taxmann 348 whereby the Hon'ble High Court has considered an identical issue of transfer in relation to capital asset and consequent Page 16 of 26 ITA 209 of 2024 and others Konda Srinivasa Red…

Konda Srinivasa Reddy, Guntur vs. Income Tax Officer, Ward-2(1), Guntur

In the result, all the 4 appeals of the assessee are allowed

ITA 209/VIZ/2024[2016-17]Status: DisposedITAT Visakhapatnam13 May 2025AY 2016-17

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

For Appellant: Shri C. Subrahmanyam, CAFor Respondent: : Shri Satyasai Rath, DR
Section 143(2)Section 143(3)Section 147Section 148Section 151Section 2(47)Section 263Section 53A

…onstrued as part consideration under the agreement to sell or in part performance agreement to sell. Apart from the judgments relied upon by the learned AR of the assessee including the judgment of the Hon'ble Supreme Court in the case of CIT vs. Balbir Singh 398 ITR 531 (SC), there is a recent judgment of the Hon'ble Telangana High Court in the case of Smt. Shanta Vidya Sagar Annam vs. Income Tax Officer reported in 303 Taxmann 348 whereby the Hon'ble High Court has considered an identical issue of transfer in relation to capital asset and consequent Page 16 of 26 ITA 209 of 2024 and others Konda Srinivasa Red…

ITO, Ward-1(1), Hyderabad vs. Arka Properties Private Limited, Hyderabad

In the result, appeal of the Revenue is dismissed

ITA 58/HYD/2024[2015-16]Status: DisposedITAT Hyderabad17 Apr 2025AY 2015-16

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.58/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2015-16) Income Tax Officer Vs. Arka Properties (P) Ltd Ward 1 (1) Hyderabad Hyderabad Pan:Aafca7411H (Appellant) (Respondent) राज" व "ारा/Revenue By:: Smt. M. Narmada, Cit(Dr) िनधा""रती "ारा/Assessee By: Advocate H Srinivasulu, सुनवाई की तारीख/Date Of Hearing: 27/03/2025 घोषणा की तारीख/Pronouncement: 17/04/2025 आदेश/Order Per Vijay Pal Raothis Appeal By The Revenue Is Directed Against The Order Dated, 23/11/2023 Of The Learned Cit (A)-Nfac Delhi, For The A.Y. 2015-16. 2. There Is A Delay Of 1 Day By The Revenue In Filing The Appeal Before The Tribunal & The Revenue Has Filed An Affidavit Explaining The Cause Of Delay. We Have Heard The Learned Dr As Well As The Learned Ar On The Condonation Of Delay. The Learned Ar Has Not Objected For Condonation Of Delay Of One Day In Filing

For Appellant: Advocate H SrinivasuluFor Respondent: : Smt. M. Narmada, CIT(DR)
Section 148Section 45

…Corporate (119 Taxmann.com 137 (S.C) 7) Rinki Shashikant Gandhi (ITA No.826 of 2023) (Guj. High Court ) 8) PCIT vs.Rinki Shashikant Gandhi (ITA No.826 of 2023 (Gujarat High Court). 9) Shroff Eye Centre (ITA No.1560/Del/2012) ITAT Delhi 10) Balbir Singh Maini (398 ITR 531) (S.C) Real Income Theory 11) RSM & Co. (125 ITFD 243) 12) Sunil J. Kinariwala (259 ITR 10) (S.C) 13) Nariman Bhurncha & Son (130 ITR 863)(Bom) 14) CIT vs. M/s. Shoorgi VBallabh Das & Co. (46 ITR 144(S.C) 15. ACIT vs. Emaar MGF Constructions (P) Ltd (ITA No.1734/Del/2016) ITAT Delhi. 16) Dinesh Vazi Rani – 445 ITR 110 (Bom) 17) Kaushalya Devi (De…

Tamal Kundu vs. Additional/Joint/Deputy/Assistant Vommissioner of Income Tax National E Assessment Centre Delhi

The appeal is allowed

ITAT/50/2025HC Calcutta11 Apr 2025

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- The Hon'Ble Justice Chaitali Chatterjee (Das) Date : 11Th April, 2025.

Section 2(47)(ii)Section 2(47)(vi)Section 260ASection 56(2)(x)

…should also be made while construing any provision of the Act, more particularly, when one is concerned with exemption from payment of tax. A similar view was taken by the Hon’ble Supreme Court in Commissioner of Income Tax vs. Balbir Singh Maini, (2017) 398 ITR 531 (SC). In the said case, the Hon’ble Supreme Court took note of the various clauses in section 2(47) of the Act and what was relevant in the said case was clause (vi) and the Hon’ble Supreme Court did not agree with the view taken by the High Court and held that under section 2(47)(vi), any transaction which has the effect of transferring or e…

Anand Kedarnath Sharma, Mumbai vs. Income Tax Officer 41(3)(1), Mumbai

In the result, the appeal filed by the Assessee is allowed

ITA 2474/MUM/2024[2018-19]Status: DisposedITAT Mumbai24 Mar 2025AY 2018-19

Bench: Shri Narender Kumar Choudhryassessment Year: 2018-19

For Appellant: Shri Ashok Bansal, Ld. A.RFor Respondent: Shri Gotimukul Santosh Kumar, Ld. Sr. D.R
Section 2(47)Section 250Section 50CSection 53A

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER Assessment Year: 2018-19 Shri Anand Kedarnath Income Tax Officer, Sharma, 753, Kautilya Bhavan, 201-B, Anand Ashram, Income Tax Office, BKC, Vs. Marve Road,Malad West, Bandra East, Mumbai Mumbai Maharashtra – 400 064 Maharashtra – 400 051 PAN: AACPS2231B (Appellant) (Respondent) Present for: Assessee by : Shri Ashok Bansal, Ld. A.R. Revenue by : Shri Gotimukul Santosh Kumar, Ld. Sr. D.R. Date of Hearing : 09 . 01 .2025 Date of Pronouncement : 24 . 03 .2025 O R D E R Per : Narender Kumar Cho…

ACIT, Central Circle-1, Nashik vs. Rajendra Rasiklal Shah, Nashik

In the result, the appeal of the Revenue is dismissed

ITA 1015/PUN/2024[2013-14]Status: DisposedITAT Pune20 Mar 2025AY 2013-14

Bench: Dr.Manish Borad & Ms. Astha Chandraआयकर अपील सं. / Ita No.1015/Pun/2024 Assessment Year : 2013-14

For Appellant: Shri Sanket JoshiFor Respondent: Shri Ajay Kumar Keshari
Section 143(3)Section 147Section 148Section 250Section 53Section 54

…ovable property could be transferred only by way of a registered document. Prior to the said amendment, the title in immovable property could also be transferred by way of an unregistered agreement to sale/ contract. [Refer CIT v. Balbir Singh Maini & Others [398 ITR 531 (SC): Para 19: "An agreement of sale which fulfilled the ingredients of s. 53A was not required to be executed through a registered instrument. This position was changed by the Registration and Other Related Laws (Amendment) Act, 2001."] 4] Thus, as far as the assessee was concerned, he had already transferred the rights in the impugned land vid…

Sri. D. K Shivakumar, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle-1(4), Bengaluru

ITA 1064/BANG/2024[2018-19]Status: DisposedITAT Bangalore21 Feb 2025AY 2018-19

Bench: Shri Laxmi Prasad Sahu & Shri Soundarajan Kassessment Year : 2018-19

For Appellant: S/ShriFor Respondent: Shri.Y. V. Raviraj, Sr. Standing Counsel
Section 132(4)Section 143(2)Section 250Section 292CSection 69ASection 69B

…ction entered by way of unregistered documents which the assesses sh D K Shivakumar and D K Suresh and DCPL bad entered with respect to the properties at CTS 1, CTS 2 and CTS 1297. Hon'ble Supreme Court of India in the case of CIT V. Balbir Singh Maini (2017) 86 Taxmann.com 94 has held as follows: "It is also well-settled by this Court that the protection provided under Section 53A is only a shield, and can only be resorted to as a right of defence. RambhauNamdeoGajre v. Narayan BapujiDhgotra [2004) 8 SCC 614 , para 10. An agreement of sale which fulfilled the ingredients of Section 53A was not required to be ex…

Narsi Reddy Komatireddy, Hyderabad vs. DCIT., Central Circle-2(2), Hyderabad

In the result, the appeal is allowed

ITA 121/HYD/2021[2017-18]Status: DisposedITAT Hyderabad13 Feb 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri K.C. Devdas, C.AFor Respondent: : Shri Waseem Ur Rehman, SR-DR
Section 132Section 153ASection 45

…veloper cannot be construed as part consideration under agreement to sell or any part performance of agreement to sell. Though the assessee has relied upon various judgments on this point including the Hon'ble Supreme Court in the case of CIT Vs. Balbir Singh 398 ITR 531 (SC) however, in the recent judgment of Hon'ble jurisdictional High Court dated 07.01.2025 in the case of Smt. ITA Nos.120 & 121/Hyd/2021 13 Shantha Vidyasagar Annam Vs. ITO, Ward 4(2), Hyderabad in ITTA No.527 of 2006 [170 Taxmann.com 754 (Telangana)] has considered an identical issue of assessment of capital gain by the Assessing Officer base…

Narsi Reddy Komatireddy, Hyderabad vs. Srig. Santosh Kumar, Deputy Commissioner of Income Tax, Central Circle-2(2), Hyderabad

In the result, the appeal is allowed

ITA 120/HYD/2021[2015-16]Status: DisposedITAT Hyderabad13 Feb 2025AY 2015-16

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri K.C. Devdas, C.AFor Respondent: : Shri Waseem Ur Rehman, SR-DR
Section 132Section 153ASection 45

…veloper cannot be construed as part consideration under agreement to sell or any part performance of agreement to sell. Though the assessee has relied upon various judgments on this point including the Hon'ble Supreme Court in the case of CIT Vs. Balbir Singh 398 ITR 531 (SC) however, in the recent judgment of Hon'ble jurisdictional High Court dated 07.01.2025 in the case of Smt. ITA Nos.120 & 121/Hyd/2021 13 Shantha Vidyasagar Annam Vs. ITO, Ward 4(2), Hyderabad in ITTA No.527 of 2006 [170 Taxmann.com 754 (Telangana)] has considered an identical issue of assessment of capital gain by the Assessing Officer base…

Assistant Commissioner of Income-Tax, Central Circle-2, Mangaluru vs. Alakananda Printers (P) Ltd, Mangaluru

In the result, appeal filed by the Revenue is allowed for statistical purposes and CO filed by the assessee in support of the Order of the CIT(A)

ITA 1774/BANG/2024[2015-16]Status: DisposedITAT Bangalore28 Jan 2025AY 2015-16

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyassessment Year : 2015-16

For Appellant: Smt. Sheetal Boarkar, AdvocateFor Respondent: Shri. Sridhar E, CIT(DR)(ITAT), Bangalore
Section 129Section 142(1)Section 143(2)Section 144Section 153CSection 2(47)

…he possession was handed over in the Assessment Year 2017-18 and submitted that the actual transfer was taken place as per section 2(47) of the Act. She relied on the judgment of Hon’ble Apex court in the case CIT v. Balbir Sing Maini & Ors reported in [2017] 398 ITR 531 (SC) and she further submitted that after receipt of the notice, assessee was trying to file online return but because of technical glitches in the income tax portal assessee was unable to file income tax return within the due date and immediately it filed income tax return manually with a covering letter dated 27.07.2021 with the Assistant / DCI…

Ats Real Estate Builders Private Limited, New Delhi vs. DCIT, Circle-1(1), Delhi

The appeal is allowed

ITA 1207/DEL/2024[2020-21]Status: DisposedITAT Delhi27 Jan 2025AY 2020-21

Bench: SHRI VIKAS AWASTHY (Judicial Member), SHRI NAVEEN CHANDRA (Accountant Member)

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms Amisha S. Gupta, CIT-DR
Section 153C

…unted for the income accrued from the collaboration agreements in its income tax returns for any of the AY. However, ld. Counsel has argued that these collaboration agreements are unregistered and in view of the decision of Supreme Court in Balbir Singh Maini 398 ITR 531 (SC) (CLC 176-187), Suraj Lamps vs State of Haryana (SC) (CLC 188-196), Sanjay Sharma (SC) (CLC 197-213), no right accrues to the assessee. In any case the 10 subject matter is immovable property which do not become property of the assessee only on the basis of occupation certificate issued in the name of Bestech and Orient Craft. We appreciate t…

Nishank Sakariya, Chennai vs. ACIT, CC-4(1), Chennai

In the result, appeal filed by the assessee is allowed

ITA 2343/CHNY/2024[2013-14]Status: DisposedITAT Chennai08 Jan 2025AY 2013-14

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

For Appellant: Mr.P.M.Kathir, AdvocateFor Respondent: Mr.Vinod D. Mudaliar, JCIT
Section 143(3)Section 148Section 14ASection 2(47)(v)

…आयकर अपीलीय अिधकरण, ‘बी’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी अिमताभ शु"ा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2343/Chny/2024 िनधा"रण वष"/Assessment Year: 2013-14 v. Mr. Nishank Sakariya, The ACIT, 45, Halls Road, Kilpauk, Corporate Circle-4(1), Chennai-600 010. Chennai. [PAN: AEFPN 8248 A] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Mr.P.M.Kathir, Advocate ""यथ" क" ओर से /Respondent by : Mr.Vinod D. Mudaliar, JCIT सुन…

Devidayal Aluminium Industries (P) Ltd., New Delhi vs. DCIT, Ghaziabad

ITA 4610/DEL/2016[2008-09]Status: DisposedITAT Delhi08 Jan 2025AY 2008-09

Bench: Shri Satbeer Singh Godara & Shri M. Balaganesh

Section 143(3)Section 147Section 2(47)Section 221(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER ITA Nos. 3850 to 3852, 3854/Del/2016 Assessment Years: 2007-08 to 2009-10 & 2011-12 With ITA Nos. 4296 & 4297/Del/2016 Assessment Years: 2012-13 & 2013-14 With ITA Nos. 4791 to 4796 /Del/2016 Assessment Years: 2007-08 to 2012-13 Vs. M/s. Devidayal Aluminium Dy. CIT, Circle-1, Industries Pvt. Ltd., Ghaziabad C/o- Hotel Gopal Plaza, Choti Bazaria, Railway Road, Ghaziabad PAN :AAACD6390F (Appellant) (Respondent) With ITA Nos. 4609 to 4614/Del/2016 Assessment Yea…

Devidayal Aluminium Industries (P) Ltd., New Delhi vs. DCIT, Ghaziabad

ITA 4609/DEL/2016[2007-08]Status: DisposedITAT Delhi08 Jan 2025AY 2007-08

Bench: Shri Satbeer Singh Godara & Shri M. Balaganesh

Section 143(3)Section 147Section 2(47)Section 221(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER ITA Nos. 3850 to 3852, 3854/Del/2016 Assessment Years: 2007-08 to 2009-10 & 2011-12 With ITA Nos. 4296 & 4297/Del/2016 Assessment Years: 2012-13 & 2013-14 With ITA Nos. 4791 to 4796 /Del/2016 Assessment Years: 2007-08 to 2012-13 Vs. M/s. Devidayal Aluminium Dy. CIT, Circle-1, Industries Pvt. Ltd., Ghaziabad C/o- Hotel Gopal Plaza, Choti Bazaria, Railway Road, Ghaziabad PAN :AAACD6390F (Appellant) (Respondent) With ITA Nos. 4609 to 4614/Del/2016 Assessment Yea…

Tamal Kundu, Kolkata vs. A.C.I.T., Circle - 37, Kolkata

The appeal of the assessee stands partly allowed

ITA 1797/KOL/2024[2018-2019]Status: HeardITAT Kolkata20 Nov 2024AY 2018-2019

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No. 1797/Kol/2024 Assessment Year: 2018-19

For Appellant: Shri Anup Sinha, ARFor Respondent: Shri P.P. Barman, Addl. CIT
Section 2(47)(vi)Section 234ASection 250Section 56(2)(X)Section 56(2)(x)

…decision of the Hon'ble Supreme Court in the case of “Sh. Sanjeev Lal Etc. Etc vs Commissioner Of Income Tax dated 1st July, 2014 (2014) 365 ITR 389 and further, decision of the Hon'ble Supreme Court in the case of ‘CIT vs. Balbir Singh Maini and Ors. (2017) 398 ITR 531 (SC)’, wherein para 21 & 22 of the said order, it has been held as under: - “21. However, the High Court has held that Section 2(47)(vi) will not apply for the reason that there was no change in membership of the society, as contemplated. We are afraid that we cannot agree with the High Court on this score. Under Section 2(47)(vi), any transacti…

Rajeev Vasudeva, Delhi vs. DCIT Circle International Taxation 3(1), Delhi

In the result, appeal of the assessee is partly allowed

ITA 2343/DEL/2023[2020-21]Status: DisposedITAT Delhi08 Nov 2024AY 2020-21

Bench: us, the only effective issue to be decided in this appeal is as to whether the learned CIT(A) was justified in confirming the action of the learned AO in denying the claim of exemption under section 54F of the Act in the facts and circumstances of the instant case.

Section 143(3)Section 144C(13)Section 144C(5)Section 54F

…tment made in the property of Padmini Enclave on the ground that assessee was owning more than one house property as on the date of transfer of original capital asset. 9. We find that the Hon’ble Supreme Court in case of CIT Vs. Balbir Singh Maini reported in 398 ITR 531 (SC) and Suraj Lamp & Industries Pvt. Ltd. Vs. State of Haryana reported in 340 ITR 1 5 | P a g e (SC) had held that when possession of the property was not handed over to the assessee, the assessee cannot be held to be the owner of such property. Further, we find that the assessee is only 50% owner of the property in Marbella Emaar MGF, hence,…

Venkat Rajasekhar Koneru, Hyderabad vs. ACIT, Central Circle-1(1), Hyderabad

In the result, all the appeals of the assessees are dismissed

ITA 627/HYD/2022[2016-17]Status: DisposedITAT Hyderabad22 Oct 2024AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Shri M. Chandramouleswara RaoFor Respondent: Shri Srinath Sadanala, Sr.AR
Section 132Section 139(4)Section 142(1)Section 143(2)Section 153C

…reported in (2014) 8 TMI 636 (Andhra Pradesh High Court) and has wrongly decided the issue against the assessee. It was submitted by the ld.AR that the issue was decided by the hon'ble Supreme Court in the case of CIT Vs. Balbir Singh Maini reported in (2018) 12 SCC 354, wherein it was held that the year of taxation would be the year in which the physical possession of the property has been handed over in pursuance to the agreement u/s 53A of the Act. The relevant portion of the said judgment is reproduced hereinbelow : “20. The effect of the aforesaid amendment is that, on and after the commencement of the Amen…

Pramod Reddy Tekula, Hyderabad vs. ACIT, Central Circle-1(1), Hyderabad

In the result, all the appeals of the assessees are dismissed

ITA 611/HYD/2022[2016-17]Status: DisposedITAT Hyderabad22 Oct 2024AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Shri M. Chandramouleswara RaoFor Respondent: Shri Srinath Sadanala, Sr.AR
Section 132Section 139(4)Section 142(1)Section 143(2)Section 153C

…reported in (2014) 8 TMI 636 (Andhra Pradesh High Court) and has wrongly decided the issue against the assessee. It was submitted by the ld.AR that the issue was decided by the hon'ble Supreme Court in the case of CIT Vs. Balbir Singh Maini reported in (2018) 12 SCC 354, wherein it was held that the year of taxation would be the year in which the physical possession of the property has been handed over in pursuance to the agreement u/s 53A of the Act. The relevant portion of the said judgment is reproduced hereinbelow : “20. The effect of the aforesaid amendment is that, on and after the commencement of the Amen…