A power of attorney holder cannot be treated as rightful owner of the income which has arisen on the sale of a particular property

Last updated: 28 May 2021
Quick Summary
This ruling clarifies that an individual holding a power of attorney for land cannot be considered the rightful owner of any 'on-money' income generated from the sale of properties developed on that land. The Income Tax Appellate Tribunal found that such income should not be treated as belonging to the power of attorney holder for tax purposes. This decision addresses discrepancies in how such income was previously assessed.

Court :
ITAT Ahmedabad

Brief :
Present two appeals are directed at the instance of the assessee against common order of the ld.CIT(A)-4, Baroda dated 17.12.2015 passed for the assessment years 2003-04 and 2004-05.

Citation :
ITA 906/AHD/2018

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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