Registration of transfers of immovable properties u/s Section 230A of Income Tax Act.

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..... immovable properties in certain cases. 2. The Board have considered the scope of the words "existing liability" occurring in section 230A of the I.T.Act. They are advised that the expression "existing liability" occurring in clause (a) of sub-section (1) of Section 230A would not only include a tax liability which has been ascertained and is payable upon an assessment order, but would also incl .....

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..... e with the ratio of the decision of the Supreme Court in the case of Kesoram Industries and Cotton Mills Ltd. vs. Commissioner of Wealth-tax(59 ITR 767), wherein it was held that a liability to pay income-tax was a present liability, though the tax became payable after it was quantified in accordance with ascertainable date. 3. The Board desire that all the contents of the instructions should be .....

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