https://www.taxtmi.com/caselaws?id=369138 Where an immovable property is acquired under a genuine agreement to sell, the transfer may be treated as completed on the agreement date if substantial rights have already vested and the later sale deed only perfects those rights. On these facts, the Tribunal treated the transaction as falling in the preceding year because the agreement was supported by part payment and the earlier allotment arrangement had already created material rights in the property. As a result, section 56(2)(vii)(b)(ii) of the Income-tax Act, 1961 was not attracted and the stamp duty value addition could not be sustained. en-us Fri, 05 Oct 2018 00:00:00 +0530 Mon, 22 Oct 2018 09:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369138 Where an immovable property is acquired under a genuine agreement to sell, the transfer may be treated as completed on the agreement date if substantial rights have already vested and the later sale deed only perfects those rights. On these facts, the Tribunal treated the transaction as falling in the preceding year because the agreement was supported by part payment and the earlier allotment arrangement had already created material rights in the property. As a result, section 56(2)(vii)(b)(ii) of the Income-tax Act, 1961 was not attracted and the stamp duty value addition could not be sustained. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369138