Capital gain addition merely based on unregistered agreement not sustainable

Vikas Bhagoji Shinde Vs ITO (ITAT Pune) ITAT Pune held that addition towards short term capital gain based on unregistered agreement cannot be sustained since revenue has not brought any evidence on record that possession of property is actually handed over to the purchaser. Accordingly, appeal allowed. Facts- During the course of assessment proceedings, AO found that the assessee and one other has purchased a piece of land on 28.04.2013 for Rs. 4,15,00,000/- (Including Stamp duty of Rs.4,38,70,400/-) the market rate of which was Rs.4,74,00,000/-, therefore the property appears to be purchased...