Capital gain computation - CIT(A) determined the sale ...

Court Sets Aside Assessment Based on Form 26AS; Written Contract Required for Sale Consideration u/s 53A.

April 19, 2021

Case Laws Income Tax AT

Capital gain computation - CIT(A) determined the sale consideration on the basis of Form 26AS - Section 53A of the Transfer of Property Act expressly requires that the contract must be in writing by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty. Thus s. 53A does not recognize an oral contract. The writing is an essential sine qua non for the applicability of the doctrine of part-performance. The lower authorities must have considered the relevant sale deed so as to compute the correct value of sale consideration and during the year of assessment. - Being so, the assessment framed on the basis of Form 26AS is set aside. - AT

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Capital gain computation - CIT(A) determined the sale ...

Court Sets Aside Assessment Based on Form 26AS; Written Contract Required for Sale Consideration u/s 53A.

April 19, 2021

Case Laws Income Tax AT

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