Amendment w.e.f. AY 2014-15 Will Not Apply to A Purchase Transaction of Immovable Property For Which Full Consideration is Paid Pre-Amendment: ITAT Ranchi

In the case of Bajrang Lal Naredi vs ITO, ITAT Ranchi has held that:

It is not in dispute that purchase transactions of immovable property were carried out in FY 2011-12 for which full consideration was also parted with the seller. Mere registration at later date would not cover a transaction already executed in the earlier years and substantial obligations have already been discharged and a substantive right has accrued to the assessee therefrom. The pre-amended provisions will thus apply and therefore the Revenue is debarred to cover the transactions where inadequacy in purchase consideration is alleged.

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