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AO Cannot Tax Entire Capital Gain, Only Balance in CGAS Taxable: ITAT Chennai
Case Law Details
- Case Name
- Mohamed Akbar Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Chennai
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Mohamed Akbar Vs ITO (ITAT Chennai)
Tribunal Restricts Addition – Entire ₹5 Cr Gain Cannot Be Taxed Again- Only Balance Left in CGAS After 3 Years Taxable; Only Unutilised Capital Gain of ₹1.3 Cr Taxable- AO Erred in Adding Entire Capital Gains
Assessee sold inherited property in July 2011 for ₹5 crore & claimed exemption u/s 54 by depositing ₹2.5 crore in Capital Gain Accounts Scheme with intent to purchase two flats. Due to dispute with builder, he received only one flat (costing ₹1.19 crore) & the balance ₹1.30 crore remained unutilised beyond 3 years. AO, in reassess...
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