https://www.taxtmi.com/caselaws?id=386951 An agreement to sell coupled with delivery of actual possession and part performance attracted section 53A of the Transfer of Property Act and section 2(47)(v) of the Income-tax Act, so the property transfer was taxable in the relevant year notwithstanding later execution of the sale deed. The addition under section 41(1) was sustained because the sundry creditor balances were treated as ceased liabilities on the material before the Tribunal. Depreciation on the plant and machinery block was disallowed once the block's written down value had become nil. Commission claimed as transfer cost was also disallowed because no evidence showed actual incurrence or payment during the relevant year. en-us Wed, 04 Sep 2019 00:00:00 +0530 Sun, 13 Oct 2019 11:04:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386951 An agreement to sell coupled with delivery of actual possession and part performance attracted section 53A of the Transfer of Property Act and section 2(47)(v) of the Income-tax Act, so the property transfer was taxable in the relevant year notwithstanding later execution of the sale deed. The addition under section 41(1) was sustained because the sundry creditor balances were treated as ceased liabilities on the material before the Tribunal. Depreciation on the plant and machinery block was disallowed once the block's written down value had become nil. Commission claimed as transfer cost was also disallowed because no evidence showed actual incurrence or payment during the relevant year. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386951