9911796707
TMI Blog2002 (2) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, Jaipur, was justified in holding that capital gains, in respect of sale of property, was not attracted in the assessment year under consideration as there has been no transfer?" The assessee-company which derives income from the manufacture ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no question of capital gain on the ground of transfer. This view has been negatived by the Income-tax Officer on the ground that though the property is not registered, it attracts the capital gain tax. In appeal before the Commissioner of Income-tax (Appeals), the assessee has not only argued on the ground of registration of the transfer deed, but also argued on the proposition laid down by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... absence of registration of the deed, there can be capital gain tax, but even otherwise when the issue has been decided by the Commissioner of Income-tax (Appeals) in favour of the assessee in the light of the proposition laid down by the Supreme Court in the case of K.P. Varghese v. ITO [1981] 131 ITR 597, there is no capital gain for tax under section 52 of the Act. The Tribunal has decided the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'to tax the income', we are of the view, 'owner' is a person who is entitled to receive income from the property in his own right." Following the view taken by their Lordships, we are of the view that for taxing the capital gain, registration of the sale deed is not necessary under the provisions of the Income-tax Act. In the result, we answer the question in the negative, i.e., in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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