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In the result, the appeal filed by the revenue is dismissed
Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)
156 ITR 509 (SC) has held that transfer u/s. 2(47) is merely inclusive and not exhaustive other kinds of transfer. Section 2(47) (v) states that transfer includes giving possession of immovable property under part performance of a contract. Therefore, any transaction involving the allowing of the possession of any immovable property to be taken or retained in part