Section 2(47)(v) of the Income Tax Act

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.

For capital gains purposes, a 'transfer' under section 2(47)(v) occurs and capital gains arise in the year when possession of the property is handed over in part performance of a contract, such as a joint development agreement. This was the settled position before the specific provisions of section 45(5A) were introduced.

An admission made by an assessee is not conclusive evidence and can be shown to be incorrect. The principle of estoppel does not operate against the provisions of the Income-tax Act.

Tax authorities are obligated to act in accordance with the law and collect only legitimate taxes. They must assist an assessee who is over-assessed due to mistake or misconception, even if the assessee initially admitted income but later disputes it with corroborative evidence.

There can be no estoppel against the statute, meaning tax cannot be levied or collected without express authority of law. An appellate authority may adjudicate additional claims or legal contentions to ensure the correct tax liability is determined.

Tax authorities are mandated to correctly determine the legitimate taxable income according to the law, and no tax can be levied or collected unless explicitly permitted by statute, irrespective of the assessee's admissions or acquiescence. The appellate authority should adjudicate additional claims to ensure the correct tax liability is arrived at.

Income tax authorities have a duty to assist assessees who are over-assessed due to mistake or misconception, ensuring that only legitimate taxes permitted by law are collected.

Tax cannot be levied if it is not permitted under the Act, even if the doctrine of estoppel might otherwise apply. No tax can be levied or collected except by authority of law.

A notice under Section 34 of the Income-Tax Act, 1961, issued to an assessee in the status of an 'individual' when their correct status is 'Hindu undivided family' is illegal, ultra vires, and without jurisdiction, rendering subsequent proceedings void.