Supreme Court of India
M/s. Seshasayee Steels P. Ltd. v. Assistant Commissioner of Income Tax, Company Circle Vi(2), Chennai
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From the headnote
Transfer of Property Act, 1882: s.53A – Applicabili ty of – Essential ingredients – Held: In order that the provisions of s.53A be attracted, the transferee must, in part performa nce of the contract, have taken possession of the property or an y part thereof and the transferee must have performed or be willing to perform his part of the agreement – In the instant case, as per agreement to sell, assessee gave permission to the builder compa ny to start construction on the land – This showed that a licens e was given upon the land for the purpose of developing the land into fla ts and selling
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