Itta/580/2011 Of Commissioner Of Income Tax -Iii v. Dr. Usha Mohandas

HONOURABLE THE CHIEF JUSTICE SHRI MADAN B.LOKURANDHONOURABLE SHRI JUSTICE SANJAY KUMAR ITTA NO.580 OF 2011 Dt: 28-02-2012. Between: COMMISSIONER OF INCOME TAX IIIIT TOWERS, A.C.GUARDS,HYDERABAD .. APPELLANT ANDDR.USHA MOHANDASDOOR NO.6-3-655/2,SOMAJIGUDAHYDERABAD .. RESPONDENT HONOURABLE THE CHIEF JUSTICE SHRI MADAN B.LOKURANDHONOURABLE SHRI JUSTICE SANJAY KUMAR I.T.T.A.NO.580 OF 2011 JUDGMENT: (PER HON’BLE THE CHIEF JUSTICE SHRI Madan B.Lokur) The Revenue is aggrieved by an order dated 12.11.2010 passed by theIncome Tax Appellate Tribunal, Bench ‘B’, Hyderabad inI.T.A.NO.595/Hyd/2010 relevant for the assessment year 2002-03. 2. The assessee had entered into an agreement of sale of immovableproperty on 7.9.2001. The finding of fact arrived at by the Tribunal is that thevendor and the vendee were in joint possession of the land while it wasbeing developed by the vendee. 3. Full payment of the sale amount as well as exclusive possession of theproperty in question was given by the assessee to the vendee on 15.09.2004by a letter. 4. The question that arose for consideration was whether there was transferof the immovable property in favour of the developer on 7.9.2001 or on15.9.2004. 5. The Tribunal took the view that the transfer was on 15.9.2004 since itwas on that date that the assessee received the full consideration andhanded over exclusive possession of the immovable property to thedeveloper/vendee. 6. In our opinion, on these facts, no substantial question of law arises with regard to the date of transfer of the capital asset. 7. Accordingly, this I.T.T.A. is dismissed. 8. Miscellaneous application also disposed of. Dt: 28-02-2012. ( MADAN B.LOKUR, CJ ) ( SANJAY KUMAR, J ) TNB