Chandigarh ITAT Deletes Capital Gains Addition for Lack of Beneficial Ownership

Ashok Kumar Vs ITO (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh, allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2013-14 arising from reassessment under Sections 147 read with 144 and 144B of the Income-tax Act. The Tribunal first condoned a delay of 30 days in filing the appeal after considering the application for condonation and medical records. The dispute concerned an addition of ₹78,00,000 made by the Assessing Officer as long-term capital gain on the sale of House No. 804, Phase-3B1,...