https://www.taxtmi.com/caselaws?id=37231 The Kerala HC dismissed revenue appeals regarding property acquisition and fair market value determination. The court held that when four persons purchase different plots of land under one deed, with each receiving absolute title to their respective property, it does not constitute a transfer to an association of persons or body of individuals. The court emphasized that jointness by volition is required for a body of individuals, which was absent here as each transferee had exclusive rights to their specific schedule property. The fact that purchasers may later use properties commonly does not affect the individual nature of the purchase transaction itself. en-us Thu, 29 Mar 1979 00:00:00 +0530 Mon, 10 Feb 2025 18:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37231 The Kerala HC dismissed revenue appeals regarding property acquisition and fair market value determination. The court held that when four persons purchase different plots of land under one deed, with each receiving absolute title to their respective property, it does not constitute a transfer to an association of persons or body of individuals. The court emphasized that jointness by volition is required for a body of individuals, which was absent here as each transferee had exclusive rights to their specific schedule property. The fact that purchasers may later use properties commonly does not affect the individual nature of the purchase transaction itself. Case-Laws Income Tax Thu, 29 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37231