Income Tax Officer Versus Shri Yasin Moosa Godil, - (ITAT, Ahmedabad)
Addition to income u/s 50C – Assessee booked under-constructed flat - Rs.50, 000/- payable at the time of booking and the balance payable in installments all before taking possession– cancelation of the booking due to non delivery - tri party registered sales deed executed between the appellant, the builder and the new buyer – Held that:- triparty registered sale agreement for transfer of the said flat wherein the appellant as the vendor was to transfer all his rights, title and interest in the said flat to the buyer and the was to give the possession of the said flat which was originally agreed to be allotted to the appellant - provisions of section 50C of the I. T. Act are applicable in the case of an assessee when he transfers a capital asset – upheld conclusion arrived at by CIT (A) – against revenue.
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