Tax Authorities Scrutinize Lease Transactions as Sales for Income Understatement; Unregistered Lease Deeds Still Hold Legal Weight.

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....Understatement of income - treatment of lease transactions as sales transaction - The Income Tax Authorities has not doubted the legal effect of the lease deed (being unregistered one). When the lease is transfer of right to enjoy the property, such transfer can be made expressly or by implication. The mere fact that it is an unregistered lease deed would not stand in the way to determine whether in fact it was a transfer of property under lease - AT....