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 asse

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