No Capital Gain arises on mere permissive possession & not legal possession

Krishna Prasad Mikkilineni Vs DCIT (ITAT Bangalore)  In the instant case also we have noticed that the assessee has given only permissive possession and not legal possession. Accordingly, following the above said decision of the coordinate bench, we hold that the transfer has not taken place during the year under consideration. Accordingly, capital gain is not assessable in the hands of the assessee during the year under consideration. FULL TEXT OF THE ORDER OF ITAT BANGALORE The assessee has filed this appeal challenging the order dated 24.1.2018 passed by Ld. CIT(A)-3, Bengaluru and it rela...