Assessee’s Burden to Prove Non-Accrual of Capital Gain: ITAT directs Re-Adjudication

P. Selvamani Ranjithan Vs ITO (ITAT Chennai) In the recent case of P. Selvamani Ranjithan Vs ITO at ITAT Chennai, the burden of proving the non-accrual of capital gains was placed on the assessee. The tribunal has ordered for a re-evaluation of the capital gain assessment in the case, stressing on the assessee’s responsibility to establish evidence to substantiate her claims. The case centers around the sale of a property that the assessee, P. Selvamani Ranjithan, claims did not result in any capital gains due to prior oral agreements and settlements. However, the assessing officer (AO) ...