| COURT: | ITAT Ranchi |
| CORAM: | Madhumita Roy (JM), Pradip Kumar Kedia (AM) |
| SECTION(S): | 234A, 234B, 56(2)(viib) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | 234B interest, deemed income, Interest |
| COUNSEL: | Anand Pasari |
| DATE: | January 20, 2020 (Date of pronouncement) |
| DATE: | January 25, 2020 (Date of publication) |
| AY: | 2014-15 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| (i) 56(2)(vii)(b): The amendment w.e.f AY 2014-15 will not apply to a purchase transaction of immovable property for which full consideration is paid pre the amendment. Mere registration at a later date will 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 Revenue is debarred to cover the transaction where inadequacy in purchase consideration is alleged (ii) Interest u/s 234A & 234B is chargeable with reference to the returned income and not the assessed income | |
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
Recent Comments