Advance for Unsold Land Not Taxable, Only Actual Sale Consideration taxable

Natesan Ekambaram Vs DCIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, recently addressed a case involving Natesan Ekambaram and the Deputy Commissioner of Income Tax (DCIT) concerning capital gains tax on land transfer. The core issues revolved around whether the land in question qualified as a “capital asset” for tax purposes and the correct valuation of the sale consideration. The assessee had appealed an order from the Commissioner of Income Tax (Appeals)-18, Chennai, which upheld the Assessing Officer’s (AO) decision to tax the sale of land as capita...