Delhi HC: No Income Tax Applicable Without Actual Transfer, Even for Property Worth ₹150 Cr

The Delhi High Court has ruled that "no income tax is applicable without actual transfer, even for property worth crores." In a case involving a Memorandum of Understanding (MoU) for a high-value property, the court held that mere possession of an MoU or perceived undervaluation of a share sale does not trigger income tax liability for property transfer unless there is an actual, legally recognized transfer of ownership. The court emphasized that the corporate veil cannot be lifted to treat a share sale as a property transaction by the company, reiterating that tax is on income arising from a transfer, not merely on the value of underlying assets.