https://www.taxtmi.com/caselaws?id=237253 The High Court dismissed the Department's appeal, upholding the Tribunal's decision in favor of the assessee. The court emphasized the absence of capital gain liability due to the non-receipt of sale consideration during the relevant assessment year. The validity of the property transfer and compliance with the Registration Act, 1908, were also addressed, with the court ruling that the agreement's non-registration rendered it ineffective for tax purposes. Additionally, the court maintained the Tribunal's decision regarding the inapplicability of CBDT Circular No. 791 to the case, as it did not pertain to the specific scenario at hand. en-us Mon, 16 Sep 2013 00:00:00 +0530 Mon, 23 Sep 2013 07:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237253 The High Court dismissed the Department's appeal, upholding the Tribunal's decision in favor of the assessee. The court emphasized the absence of capital gain liability due to the non-receipt of sale consideration during the relevant assessment year. The validity of the property transfer and compliance with the Registration Act, 1908, were also addressed, with the court ruling that the agreement's non-registration rendered it ineffective for tax purposes. Additionally, the court maintained the Tribunal's decision regarding the inapplicability of CBDT Circular No. 791 to the case, as it did not pertain to the specific scenario at hand. Case-Laws Income Tax Mon, 16 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237253