9911796707
TMI Blog2024 (12) TMI 562X X X X Extracts X X X X X X X X Extracts X X X X ..... de, the document shall come into operation from the time it would have commenced to operate and not from the date or time of its registration. The undisputed facts are that the sale transaction was complete in the AY 2005-06 by execution of agreement, receipt of consideration and handling over of possession. The transaction was disclosed in the Income Tax Returns filed for the AY 2005-06. Due to the circumstances pleaded, the sale deed was registered in July, 2008. The Division Bench of this Court in Maharani Yogeshwari Kumari [ 1994 (7) TMI 33 - RAJASTHAN HIGH COURT ] held that the income derived from the property in AY in which the sale deed was executed would be taxable in the hands of the transferee, even if the registration of the sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 147 read with Section 148 of the IT Act dated 22.03.2013 for AY 2006-07 was served upon the petitioner. The reasons for initiating proceedings under Section 148 of the Act were supplied. The objections filed by the petitioner were rejected vide order dated 19.09.2013 (though the title of the order wrongly mentioned as 'disposal of the stay application'). 3. Learned counsel for the petitioner submits that the transaction was complete in the AY 2005-06. There was no cause of action for the department to initiate re-assessment proceedings for AY 2006-07. Reliance is placed upon decision of Supreme Court in Ittianam and Ors. Vs. Cherichi @ Padmini reported in [2010 8 SCC 612] and judgment passed by Division Bench of this Court i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istration Act to the effect that the title passes retrospectively with effect from the date of execution and not from the date of registration. These are accepted legal principles on which there can be no debate but they have no application to the facts of this case." 9. The Division Bench of this Court in Maharani Yogeshwari Kumari (supra) held that the income derived from the property in AY in which the sale deed was executed would be taxable in the hands of the transferee, even if the registration of the sale deed was subsequent. 10. As per Section 47 of the Act of 1908, the sale deed executed shall relate to AY 2005-06 and not to the date of registration. 11. Another aspect is that in AY 2006-07, neither of sale of immovable propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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