Land Ownership Not Transferred: Section 53A of Transfer of Property Act Not Met in Wealth Tax Case.

Wealth tax assessment - ownership of the land has been transferred or not - there can be no doubt in holding that the requirements of section 53A of the Transfer of Property Act, 1882 have not been fulfilled. It is pertinent to mention that mere inclusion of the expression in the development agreement that the possession transferred shall be deemed to be in part performance of an agreement to sell for the purposes of section 53A of the Transfer of Property Act 1882, does not hold any significance. - AT .....

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