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ITAT Deletes Capital Gains Addition: Agreement to Sell Alone Does Not Amount to Transfer
Case Law Details
- Case Name
- Ganpatbhai Mayajibhai Baria Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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Ganpatbhai Mayajibhai Baria Vs ITO (ITAT Ahmedabad)
ITAT Deletes Capital Gains Addition: Agreement to Sell Alone Does Not Amount to Transfer
The Ahmedabad ITAT deleted an addition of ₹56.98 lakh made as undisclosed capital gains, holding that the mere execution of a Banakhat (agreement to sell) does not result in a “transfer” under section 2(47) of the Income-tax Act unless the conditions of section 53A of the Transfer of Property Act are satisfied. The assessee, along with other co-owners, had entered into a notarized agreement to sell agricultural land in March 2018, but the registered...
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