Dismissing the appeal of the revenue the Court held that ;transfer and right to possession of developer does not arise prior to completion of construction and apportionment effected- Quantum of depreciation based on facts -Revision was held to be not valid . ( AY.2007-08)
PCIT v. Infinity Infotech Parks Ltd. (2018) 407 ITR 137/ 257 Taxman 359/ ( 2019) 307 CTR 105/ 174 DTR 270 (Cal) (HC)
S. 263 : Commissioner – Revision of orders prejudicial to revenue –Development agreement- Transfer and right to possession of developer does not arise prior to completion of construction and apportionment effected- Quantum of depreciation based on facts -Revision was held to be not valid . [ S. 2(47(v), 32, 45, Transfer of Property Act, 1953 S. 53A ]