1997 (4) TMI 17 - SC - Income Tax

Acquisition of Immovable Property under section 269F - property was transferred by the two transferors who are jointly co-owners of the said property to four brothers in separate defined shares as prescribed in the sale deed - Revenue contend that the purchase was made by the four brothers as an association of persons - High Court was justified that the sale transaction could not be held to be a sale in favour of association of persons

Summary

The Supreme Court dismissed the appeals against the Kerala High Court judgment in a case involving the acquisition of a plot of land under section 269F of the Income-tax Act, 1961. The Court held that the sale transaction was not in favor of an association of persons but of individual plots to each purchaser. The appeals were dismissed with no order as to costs.