9911796707
TMI Blog1992 (8) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... father is the managing director of a company by name Advel India Ltd. This is private limited company in the control of the family of the assessee. This company decided to purchase the property from the minor. However, there was a difficulty caused by the bye-laws of the Housing Society which did not admit limited companies as members. The company passed resolution on 15th September, 1976 that the company would buy the flat for Rs. 1,17,600 to be paid to the minor son and the balance of any dues to the Housing Society would be paid by the company directly as and when instalments fell due. It was also resolved that the flat would be held in the name of the minor's father, i.e, Shri Bhagawan Bulchadani, on behalf of the company, Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nor and now he holds it on behalf of the cooperative society. Since the transfer is complete, there is no question of including any income after the date of transfer. The Deptl. Rep., on the other hand, submitted that the appeal is premature. He submitted that the assessee could be aggrieved only if the ITO in giving effect to the CIT(A)'s order includes the income of the whole year. 5. The issue which we have to decide is whether on these facts there has been any transfer effected. The ITO's case was that there was a transfer. The CIT(A), however, held that there was no transfer and, consequently, there was no capital gain or capital loss. The department has not come on appeal on this point., But that does not mean that the assessee is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt's decision, we understand that unless the case comes u/s 47(2), the transaction cannot be said to be non est. 7. Now, turning to s. 47(2) of the Coop. Societies Act, we find, it reads as follows: "No property or interest in property which is subject to a charge under the foregoing sub-section shall be transferred in any manner with the previous permission of the society and such transfer shall be subject to such conditions, if any, as the Society may impose. Now, the charges which are referred in sub-ss. (2) are given in sub-s. (1) of s. 47 The charges are prior claim of the Govt. In respect of land revenue or any money recoverable as land revenue and any outstanding demand or dues payable to a society by any member or past member o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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