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LTCG taxable in year of transfer & not in year of issue of fresh cheques for consideration
Case Law Details
- Case Name
- Gupta Synthetics Ltd Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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Gupta Synthetics Ltd Vs DCIT (ITAT Mumbai)
It was observed that the assessee had entered into a sale deed dated 13/03/2012 with Numech Synthetics P Ltd for sale of land at Dadra in UT Dadra and Nagar Haveli for a sale consideration of Rs.70 lakhs. A registered agreement dated 13/03/2012 was executed. The assessee contends that two cheques (dated 23/08/2011 and 26/08/2011 for Rs.60 lakhs and Rs.10 lakhs, respectively drawn on OBC Bank) issued for the sale consideration of Rs.70 lakhs were not presented to the bank for encashment and also the possession of the said land was also...
