Supreme Court of India
M/s. Seshasayee Steels P. Ltd. v. Assistant Commissioner of Income Tax, Company Circle Vi(2), Chennai
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Transfer of Property Act, 1882: s.53A – Applicability of – Essential ingredients – Held: In order that the provisions of s.53A be attracted, the transferee must, in part performance of the contract, have taken possession of the property or any 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 company to start construction on the land – This showed that a license was given upon the land for the purpose of developing the land into flats and selling the…
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