No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration

Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before AO or CIT(A), Tribunal directed AO to verify the facts by deputing an inspector or obtaining a remand report from the ITO, Satara. If it was confirmed that possession remained with assessee and no consideration was received, LTCG addition would be invalid. Held: Assessee was running a computer center. Assessee and seven co-owners entered a Development Agreement with Shri Nath Builders Promoters P. Ltd to receive a built-...