Capital Gain Cannot Be Taxed in Year of Sale Deed Registration if Transfer Occurred Earlier: ITAT Bangalore

Prakash Chand Bethala (HUF) Vs ITO (ITAT Bangalore) In , the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee for Assessment Year 2007-08 and deleted the addition of Rs.26.08 lakh relating to long-term capital gains. The case concerned sale of an immovable property. The assessee had entered into a sale agreement on 08.03.1993 for consideration of Rs.9,80,500, while the registered sale deed was executed much later on 09.03.2007. At the time of registration of the sale deed, the stamp duty value of the property was determined at Rs.2.7 crore. O...