| COURT: | ITAT Delhi |
| CORAM: | Diva Singh (JM), O. P. Kant (AM) |
| SECTION(S): | 23, 50C |
| GENRE: | Domestic Tax |
| CATCH WORDS: | ALV, interest-free deposit, s. 50C |
| COUNSEL: | R. S. Singhvi |
| DATE: | October 12, 2018 (Date of pronouncement) |
| DATE: | October 15, 2018 (Date of publication) |
| AY: | 2006-07 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 23(1)(b), 50C: Law explained on (i) whether notional interest on interest-free security deposit can be added while computing annual value u/s 23(1)(b) & (ii) whether the interest-free security deposit can be treated as 'full value of consideration' u/s 50C as it was included in 'assessable value' by the Stamp Duty Valuation Authority | |
The object of Section 2(47)(vi) appears to be to bring within the tax net a de facto transfer of any immovable property. The expression “enabling the enjoyment of” takes colour from the earlier expression “transferring”, so that it is clear that any transaction which enables the enjoyment of immovable property must be enjoyment as a purported owner thereof the idea is to bring within the tax net, transactions, where, through title may not be transferred in law, there is, in substance, a transfer of title in fact
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