https://www.taxtmi.com/caselaws?id=388213 The Tribunal ruled in favor of the assessee, overturning the addition of long-term capital gain and business income on the sale of land. It was found that as there was no registered sale deed transferring ownership to the firm and no possession given as an owner, the transaction did not constitute a transfer under the Income-tax Act. The Tribunal emphasized that without a legal transfer to the partnership firm, the authorities were unjustified in taxing the income. The deeming provision under section 43CA was also deemed inapplicable due to the lack of actual transfer of the property. 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 The Tribunal ruled in favor of the assessee, overturning the addition of long-term capital gain and business income on the sale of land. It was found that as there was no registered sale deed transferring ownership to the firm and no possession given as an owner, the transaction did not constitute a transfer under the Income-tax Act. The Tribunal emphasized that without a legal transfer to the partnership firm, the authorities were unjustified in taxing the income. The deeming provision under section 43CA was also deemed inapplicable due to the lack of actual transfer of the property. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388213