Capital Gains Taxable in Year of Possession, Not Registration: ITAT Mumbai

Maimoon Fashion Accessories Pvt. Ltd. Vs ITO (ITAT Mumbai) Background: Maimoon Fashion Accessories Pvt. Ltd. (“the assessee”) appealed before the ITAT Mumbai against the order of the CIT(A) dated 19.11.2024 for AY 2016-17, which had upheld the addition of ₹41,79,538 as long-term capital gains on sale of a plot of land. The appeal was delayed by 205 days, for which the assessee sought condonation, explaining that the CIT(A)’s order was received only on 23.06.2025, when the subsequent penalty order under section 271(1)(c) was served. ITAT accepted the explanation and condoned the delay. ...