Failure of assessees to offer capital gains in appropriate year not disentitle assessee to claim cost of acquisition

Mr. Asif Khaleel (Individual) Vs ITO (ITAT Bangalore)  We notice that the AO did not allow the deduction of cost of acquisition of flats solely for the reason that the assessees have not declared capital gains in the year in which JDA was entered. We have also noticed that the Ld CIT(A) has not correctly interpreted the decision rendered by the co-ordinate bench. It is well settled proposition of law that the income of a particular year is assessable in that year only. Hence the capital gain arising on entering JDA is assessable only in the year in which the JDA was entered. If the assessees ...