Entire Sale Proceeds Cannot Be Taxed as Capital Gain

Amarsinh Thakor Vs ITO (ITAT Ahmedabad) Entire Sale Consideration Cannot Be Taxed as STCG: ITAT Ahmedabad Sets Aside Ex-Parte Assessment with Costs The Ahmedabad Bench of the ITAT allowed the assessee’s appeal for AY 2016-17 for statistical purposes, holding that taxing the entire sale consideration as short-term capital gains without allowing cost of acquisition is legally unsustainable, and that the CIT(A) erred in dismissing the appeal merely on the ground of delay without examining merits. The assessee, an individual agriculturalist, had not filed a return. On information of sale of immo...