2023 (9) TMI 119 - SCH - Income Tax

Computation of capital gains u/s 48 - value of the 1/12 undivided share of land that was agreed to be transferred as per the agreement - right conferred on the tranferee - possession as handed over in pursuance to the agreement for sale as contemplated under Section 53A of the TP Act - As deceided by HC matter is remitted to the Assessing Officer for the sole purpose of computation of capital gains under section 48 of the Act after taking into account the value of 1/12th share in the landed property that was agreed to be sold. HELD THAT - Since the petitioner has taken the benefit of the tax scheme (Vivad se Vishwas Scheme) he does not press his petition any longer. Special leave petition stands dismissed.

Summary

The Supreme Court dismissed the special leave petition as the petitioner had benefited from the Vivad se Vishwas Scheme and no longer pressed the petition. Pending applications were disposed of accordingly.