https://www.taxtmi.com/caselaws?id=18255 The court ruled in favor of the assessee, holding that income from a property, intended for transfer but not completed through a registered sale deed, should be assessed in the hands of the intending purchaser once possession is delivered. Despite only partial payment being made as earnest money, the court applied the legal principle that possession and receipt of income by the intending purchaser establish ownership for tax purposes. The decision aligned with the precedent set in Sahay Properties' case, concluding that the income should not be assessed in the assessee's hands. en-us Tue, 25 Jun 1996 00:00:00 +0530 Tue, 29 Sep 2009 17:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18255 The court ruled in favor of the assessee, holding that income from a property, intended for transfer but not completed through a registered sale deed, should be assessed in the hands of the intending purchaser once possession is delivered. Despite only partial payment being made as earnest money, the court applied the legal principle that possession and receipt of income by the intending purchaser establish ownership for tax purposes. The decision aligned with the precedent set in Sahay Properties' case, concluding that the income should not be assessed in the assessee's hands. Case-Laws Income Tax Tue, 25 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18255