No Objection Certificate

R.Manivasagan (Querist) 11 February 2010 This query is : Resolved
Sir, is it mandatory to get the "No Objection Certificate" from the Income Tax Department as per Section 296 B(c) of Income Tax Act when the property value exceeds, Rs.25 Lakhs and above. Please clarify me.

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A V Vishal (Expert) 11 February 2010
In the first place you have quoted the wrong section. There is no requirement of seeking NOC since the chapter is repealed refer 269UP. The provisions of this Chapter shall not apply to, or in relation to, the transfer of any immovable property effected on or after the 1st day of July, 2002.]

R.Manivasagan (Querist) 11 February 2010
Thank you sir. anyhow I head gone through a latest judgment of Madras High Court with regard to Section 296. If it is wrong pls clarify me

Raj Kumar Makkad (Expert) 11 February 2010
I do agree with vishal.

Guest (Expert) 11 February 2010
Mr.Vishal is correct. But the latest judgment of the Madras High Court might be relating to an old incident when the section was in existence.

adv. rajeev ( rajoo ) (Expert) 12 February 2010
Yes I agree with the Learned members opinion.

R.Manivasagan (Querist) 12 February 2010
Thank you to all of you

Vineet (Expert) 12 February 2010
Dear Mr Manivasagan. Would you please provide the case citation or text of the decision.

Kumar Thadhani (Expert) 13 February 2010
Now a days obtaining No Objection Certificate is not mandatory I agree with expert Mr. Vishal the whole of suc chapter containing section 269 is repealedw.e.f.1st July 2002.

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