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

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.

To Download the Order, Please Click Here

Dhanraj Sharma

Dhanraj Sharma is CEO of Tax Concept. He is on a Mission to Educate and Empower 10,000+ Professionals across the Country.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Social profiles