Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
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The petitioner's transaction of sale of immovable property was complete in the assessment year (AY) 2005-06 through execution of agreement, receipt of consideration, and handing over possession, though the sale deed was registered in July 2008. As per Section 47 of the Registration Act, 1908, the sale deed relates back to AY 2005-06, not the date of registration. In AY 2006-07, neither sale nor registration occurred, precluding reassessment proceedings u/s 148 to determine capital gains. Consequently, the impugned order and notices were quashed by the High Court, holding that the correct assessment year was AY 2005-06 when the transaction was disclosed in the income tax returns.
The petitioner's transaction of sale of immovable property was complete in the assessment year (AY) 2005-06 through execution of agreement, receipt of consideration, and handing over possession, though the sale deed was registered in July 2008. As per Section 47 of the Registration Act, 1908, the sale deed relates back to AY 2005-06, not the date of registration. In AY 2006-07, neither sale nor registration occurred, precluding reassessment proceedings u/s 148 to determine capital gains. Consequently, the impugned order and notices were quashed by the High Court, holding that the correct assessment year was AY 2005-06 when the transaction was disclosed in the income tax returns.
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