https://www.taxtmi.com/caselaws?id=456240 ITAT Nagpur held that CIT's revision u/s 263 was invalid where AO determined date of transfer for capital gains computation as date of possession/allotment deed rather than registration date. Following SC precedent in Sanjeev Lal case, transfer occurs when agreement creates enforceable rights, not upon registration. Since assessee obtained possession on 16-12-2005 after full payment versus registration on 01-09-2009, AO correctly applied established legal principle. Where two views are possible and AO adopts sustainable view per Max India Ltd precedent, CIT cannot invoke s.263 jurisdiction. Order quashed in assessee's favor. en-us Wed, 28 Dec 2016 00:00:00 +0530 Tue, 09 Jul 2024 19:57:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456240 ITAT Nagpur held that CIT's revision u/s 263 was invalid where AO determined date of transfer for capital gains computation as date of possession/allotment deed rather than registration date. Following SC precedent in Sanjeev Lal case, transfer occurs when agreement creates enforceable rights, not upon registration. Since assessee obtained possession on 16-12-2005 after full payment versus registration on 01-09-2009, AO correctly applied established legal principle. Where two views are possible and AO adopts sustainable view per Max India Ltd precedent, CIT cannot invoke s.263 jurisdiction. Order quashed in assessee's favor. Case-Laws Income Tax Wed, 28 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456240