Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)37ITD115(Mum.)
..... this case the bombay high court held that though section 47 of the registration act, 1908 provides that a document shall operate from the time of its execution once it is duly registered by the registering authority, yet the section does not say as to when a sale would be deemed to be completed and the section only permits a document to operate from a certain date which may be earlier than the date ..... be received as evidence of a contract in a suit for specific performance under chapter ii of the specific relief act, 1877, or as evidence of part performance of a contract for the purposes of section 53a of the transfer of property act, 1882, or as evidence of any collateral transaction not required to be effected by registered instrument.thus non-registration of the document which is required to be registered under section 17(1 )(b) of the indian registration act will not operate to create, declare, assign, limit or extinguish any right, title or interest to the ..... under clause iii of lease deed it was provided that m/s pond's india shall be at liberty to assign, mortgage or otherwise subject, transfer the demised premises or any part thereof without being required to obtain permission and/or consent of ..... clause iii of 'deed of lease' provides that, 'it is hereby expressly agreed and declared that the lessee shall be at liberty to assign, mortgage or otherwise sublet, transfer the demised premises or any part thereof without being required to obtain the permission and/or consent of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)85TTJ(Mum.)821
..... in the books of municipal authorities in respect of immovable properties, the mutation of name in the books of the municipal authorities may take long-time but once the property is transferred by following the requirements of the transfer of properties act, 1982 read with the relevant section of registration act, the genuineness of the transfer itself cannot be challenged even though the transferor may still be shown as the owner of the property in the books of the municipal authorities. ..... (supra), the hon'ble calcutta high court held that the dividend earned by the assessee-company from investments in shares of companies carrying on tea business would never be said to be part of its business income because investment in shares were not incidental to the assessee's business activities and they were not held as trading assets. ..... the learned counsel also explained that the following documents were furnished to prove the genuineness of sale transactions before the ao at the time of assessment : (i) copies of journal entry in the books of account of the assessee for the transfer (ii) copy of ledger account of nocil's shares in the ledger account of the assessee evidencing the transfer (iii) copy of the account of arvi associates in the ledger accounts of the assessee evidencing transfer (iv) copies of journal entries in the books .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)258ITR106(Mum.)
..... itr 52, the supreme court held that the expenditure incurred by the assessee for obtaining a loan from the industrial finance corporation, secured by a charge on its fixed assets was an admissible allowance, because the act of borrowing the money was incidental to the carrying on of business and that it was irrelevant to consider the object with which the loan was obtained. ..... since the stamp duty is incurred in connection with the acquisition of a capital asset that the stamp duty formed a part of the capital expenditure and hence it cannot allowed as a revenue expenditure ; and that also once the assessee incurred the ..... which expenses are deductible expenditure incurred on stamps, registration fees, charges for certified copy of the mortgage deed, indemnity deed, lawyer's fees for drafting the deed and legal fees payable in connection with raising a business loan not of capital ..... has sought to rely on the following judgments to butress his stand that stamp duty paid on documents for assets proposed to be taken on lease basis is deductible as revenue expenditure. ..... expenditure incurred for stamp and registration charges for entering into an agreement with a bank for overdraft facilities for the purpose of business is on revenue account and allowable (ishwari ..... has simply stated that since the expenses on stamp duty was incurred in connection with the acquisition of a capital asset, stamp duty formed a part of capital expenditure and was not allowable as a revenue expenditure.21. ..... iii) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD132(Mum.)
..... inviting our attention to the fact that both the dates fall within the previous year, the departmental representative has relied on section 47 of the indian registration act, 1908 ('the registration act') for the proposition that once a document is registered the registration takes the effect from the date on which the document was executed. ..... therefore, the liability to pay tax on the gift must be determined as on the date on which the gift deed was registered under section 47 of the registration act, 1908 and not the date on which the deed of gift was executed. (p. ..... , the transfer of property act, 1882 and the registration act, 1908. ..... the registration under the registration act is not complete till the document to be registered has been copied out in the records of the registration office as provided in section 61 of that act. ..... thus, if one is to proceed on the basis of first impression, it can be held that the transfer or the sale of an immovable property is complete on the date of execution if the sale document has been executed and presented for registration as laid down in sections 17 and 23 of the registration act and has eventually been registered as laid down in sections 59, 60 and 61 of the registration act.13. ..... the assessee had offered surplus on account of the sale to be taxed as capital gains in his return filed on 30-3-1974 for the assessment year 1971-72; and iii. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)92TTJ(Mum.)360
..... compromise, there is no question of one deriving title from the other and, therefore, the arrangement does not fall within the mischief of section 17 r/w section 49 of the registration act as no interest in property is created or declared by the document for the first time.further it is also well-settled that the document though unregistered can however be looked into for the limited purpose of establishing a severance in status, though that severance would ultimately affect the nature of the possession ..... assuming that the arbitration award requires registration in view of the provisions of section 17(1)(b) of registration act, 1908, though in view of the decision in (1976) 105 itr 92, 101 (sc) (supra), the above position is not free from 'question mark', the provision of section 49 of registration act may be considered herein. ..... of them as per his share even when some of them do not want any part of this property and want some other property or cash amount as per their shares, depending on their needs and wishes.he has further contended that for a partition to be validly carried out under the it act the shares of the different members of the family have to be divided as per their specified shares in the property and each one of them should be allotted ..... (iii) in cet v. ..... (iii) following this line of approach due to the circumstances mentioned above, the assessee-huf was partitioned between the coparceners by an arbitration award dt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)96ITD9(Mum.)
..... is no question of one deriving title from the other and, therefore, the arrangement does not fall within the mischief of section 17 read with section 49 of the registration act as no interest in property is created or declared by the document for the first time.further it is also well-settled that the document though unregistered can however be looked into for the limited purpose of establishing a severance in status, though that severance would ultimately affect the nature of the possession ..... " assuming that the arbitration award requires registration in view of the provisions of section 17(1)(b) of registration act, 1908, though in view of the decision in (1976) 105 itr 92, 101 (sc) (supra), the above position is not free from question mark', the provision of section 49 of registration act may be considered herein. ..... shashi tulsiyan, has contended that the income tax act nowhere required that for a physical division of the huf property, the property has to be broken up into pieces, that is, into as many parts as are the members/coparceners of the huf so as to give one part to each of them as per his share even when some of them do not want any part of this property and want some other property or cash amount as per their shares, depending on their ..... (iii) following this line of approach due to the circumstances mentioned above, the assessee-huf was partitioned between the coparceners by an arbitration award dated 29-4-1994 and the mumbai high court passed a consent decree on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1995)52ITD39(Mum.)
..... that unless the documents of conveyance were tendered for registration and the registration was actually completed under section 61 of the indian registration act, the sale or conveyance was not complete and till such registration takes place, the title to the flat could not be transferred in favour of the purchasers and till the registration is complete the assessee, along with his co-owners only, would be liable to pay wealth-tax on the value of the 12 flats also as part of their wealth ..... their lordships of the madras high court in that case held as follows (at page 65) : "we may observe that section 47 of the registration act does not anywhere state that a document shall take effect according to its tenor irrespective of the time from which it would commence to operate as provided therein." 26. ..... the provisions of chapter xx-a apply if the registration of the deed of transfer is effected after the chapter came into force even though the deed might have been executed before the provisions of the chapter came into force and under section 47 of the indian registration act, 1908, the title of the transferees dates back to the date of execution." 27. ..... the question is whether the land is a capital asset within the meaning of section 2(14) of the income-tax act, read with section 47(iii) and section 45 of the income-tax act, in that case, justice thakkar (as he then was) of the gujarat high court commenting upon the supreme court decision in the case of ram saran lall v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)90ITD519(Mum.)
..... 5,16,118/- by observing as under: "after hearing the arguments of the learned ar and after going through the several documents, filed by the appellant, in the form of the paper book, being the copy of the registration act 1908, the copy of declaration of dissolution of the trust, the copies of acknowledgement of returns of income of other two beneficiaries and the copy of acknowledgement of the last return of income filed in respect of s n shah family trust, i am of the opinion ..... the legislature is only to collect the tax from the recipients of the dividend through medium of company, then there should have been a provision whereby the company should not be made to pay tax in respect of that part of dividend, which is attributable to assessees who has an taxable income. ..... to allow deduction under section 57(iii) the assessee has to show that the dividend income is assessable under section 56 whereas in the instant case, dividend income is exempt from tax by virtue of the provisions of section 10/33 of the act, 1961. ..... income is exempt from tax, the expenditure incurred for earning of such income cannot be allowed as deduction under section 57(iii) of the income tax act 1961. ..... it does not preclude the assessee from claiming deduction of interest whereas, if dividend income is not at all assessable to tax, the question of claiming deduction on interest income does not arise, either under section 57(iii) of the income tax act 1961 or in view of section 14a of the income tax act 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)102ITD101(Mum.)
..... that such a transfer can be brought about without a registered instrument because clause (a) of section 42 carves out an exception to the rule enunciated in sub-section (1) of section 17 of the registration act, 1908." 30. ..... " means the amount by for the purposes of sub-section (1), thewhich the aggregate value computed net wealth of a company shall bein accordance with the provisions of the amount by which the aggregatethis act of all the assets, wherever value of all the assets referred to inlocated, belonging to the assessee on sub-section (3), wherever located,the valuation date, including assets belonging to the company on ..... here : (1) the assessee has parted with the possession which is one of the essentials of ownership; (2) the assessee was disentitled to recover possession from the vendee and the assessee alone until the document of title is executed was entitled ..... iii) that provisions of wt act would apply to the assessment of companies to the extent they are in conformity with the provisions of section 40 of the finance act ..... iii).it reads as under: (iii) a member of a co-operative society, company or other aop to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of that building or part ..... 1st april, 1988, whereby section 27(iii) was amended to increase its scope and clauses (iiia) and (iiib) were inserted, cit(a) came to the conclusion that the person .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)12ITD451(Mum.)
..... 'instrument of transfer' was further defined in clause (f) to mean the instrument of transfer registered under the registration act, 1908, or the statement registered under section 269ab of the act with the competent authority ..... organisation of persons who take flats, which is registered either as a co-operative society or as a company as aforesaid, or to an association of flat-takers his right, title and interest in the land and building, and execute all relevant documents therefor, in accordance with the agreement executed under section 4, and if no period for the execution of the conveyance is agreed upon, he shall execute the conveyance within the prescribed period, and also deliver ..... 25,000 ; (ii) fair market value of such property exceeded the apparent consideration, therefore, by more than 15 per cent of such apparent consideration ; and (iii) the consideration for such transfer, as agreed to between the parties, had not been fully stated in the instrument of transfer with the object of facilitating the reduction or evasion of the liability of the transferor to tax ..... acquisition proceedings were commenced for the transfer of the entire immovable property and, therefore, it was not correct on the part of the society, according to the standing counsel, to state that only the lease was assigned.25 ..... a case like this, if it was a case of sale and not merely an assignment of lease, it was not obligatory on the part of the competent authority to follow a valuation as on the date of the conveyance deed .....
Tag this Judgment!