https://www.taxtmi.com/caselaws?id=388213 A taxable transfer of immovable property was not established merely because possession was handed over for construction. The land continued to be owned by the assessee and was reflected as stock in trade, while no registered sale deed or other registered transfer instrument was executed in favour of the partnership firm. Section 43CA could not, by itself, create a transfer where none legally existed, and the principles under section 53A of the Transfer of Property Act, read with the amended Registration Act, required a legally effective transfer arrangement. On that basis, the proposed additions towards long-term capital gain and business income were deleted. en-us Fri, 08 Nov 2019 00:00:00 +0530 Mon, 11 Nov 2019 09:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388213 A taxable transfer of immovable property was not established merely because possession was handed over for construction. The land continued to be owned by the assessee and was reflected as stock in trade, while no registered sale deed or other registered transfer instrument was executed in favour of the partnership firm. Section 43CA could not, by itself, create a transfer where none legally existed, and the principles under section 53A of the Transfer of Property Act, read with the amended Registration Act, required a legally effective transfer arrangement. On that basis, the proposed additions towards long-term capital gain and business income were deleted. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388213