High Court held that it was not disputed that possession was handed over in pursuance of agreement to sell and provisions of section 2(47) would squarely apply, therefore, mere fact that contract was subsequently terminated by mutual consent, would not improve case of assessee to wriggle out of purview of section 2(47). Assessee availed the benefit of the tax scheme (Vivad se Vishwas Scheme. SLP dismissed. SLP filed against impugned order of High Court was to be dismissed. (AY. 1999-2000)
Harbour View v. CIT (2023) 295 Taxman 405 //(2024) 460 ITR 493 (SC) Editorial: SLP dismissed, CIT v. Harbour View (2018) 409 ITR 599/ 261 Taxman 330 (Ker)(HC)
S. 45 : Capital gains-Transfer-Possession was handed over-Subsequent termination of contract by mutual consent and returned back the sale consideration received-Liable to capital gains tax in the year of handing over of possession of property-Benefit of the tax scheme (Vivad se Vishwas Scheme-SLP dismissed. [S. 2(47)(v), Transfer of Property Act,1929, S.53A,Registation Act 1908, 17(1A)]