TaxTMI 
TaxTMI 
2001 (7) TMI 83
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.... S. R. NAYAK J.--This income-tax case is at the behest of the Revenue. The respondent is the assessee. The assessee is a property developer dealing in construction and sale of flats, commercial complexes, etc. The assessee had undertaken construction of multi-storeyed buildings during the assessment years 1986-87 and 1987-88. The profit was ascertained on finalisation of construction and allotm....
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....d sale of flats on the basis of handing over the possession of flats to the respective buyers. Aggrieved by the above order of the learned Appellate Tribunal, the Revenue filed a reference application under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), to refer the following question of law for the opinion of this court: "Whether, on the facts and in the circumstances of th....
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....notice briefly the facts of that case. In that case the assessee-firm was engaged in the business of construction of multi-storeyed buildings and sale of flats therein. The assessee-firm treated the constructed unsold area as stock-in-trade and not as capital asset. The assessee-firm sold and delivered possession of the flats to the respective buyers against payment of full consideration in ter....
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....e assessee on the so-called notional income in respect of flats sold by it and for which possession was duly handed over to the respective buyers against payment of full consideration on the ground that no deeds of conveyance have been registered in respect of these units in favour of the buyers. The learned Tribunal, in the fact-situation of that case, held that there cannot be a valid transfer o....