https://www.taxtmi.com/caselaws?id=392729 The Tribunal upheld the applicability of the amended provisions of Section 56(2)(vii)(b) of the Income Tax Act, ruling that the "Agreement for Sale" date, falling within the assessment year 2015-16, was relevant for tax purposes. It rejected the contention that the "Letter of Allotment" date should be considered the acquisition date, citing precedents that property transfer occurs upon execution of the registered document. The Tribunal also affirmed its lack of authority to review its decisions under Section 254(2), dismissing the applicant's request for rectification due to the absence of an obvious mistake. The Miscellaneous Application was thus dismissed on 25/11/2019. en-us Mon, 25 Nov 2019 00:00:00 +0530 Tue, 25 Feb 2020 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392729 The Tribunal upheld the applicability of the amended provisions of Section 56(2)(vii)(b) of the Income Tax Act, ruling that the "Agreement for Sale" date, falling within the assessment year 2015-16, was relevant for tax purposes. It rejected the contention that the "Letter of Allotment" date should be considered the acquisition date, citing precedents that property transfer occurs upon execution of the registered document. The Tribunal also affirmed its lack of authority to review its decisions under Section 254(2), dismissing the applicant's request for rectification due to the absence of an obvious mistake. The Miscellaneous Application was thus dismissed on 25/11/2019. Case-Laws Income Tax Mon, 25 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392729