ITAT Orders Re-adjudication for LTCG of Canceled Property Sale

Mangalagiri Tulasi Vs ITO (ITAT Bangalore)

Introduction: The case of Mangalagiri Tulasi Vs ITO (ITAT Bangalore) revolves around the dispute regarding the taxation of long-term capital gains (LTCG) arising from the sale of a property. Despite the Civil Court canceling the sale of the property, the Income Tax Appellate Tribunal (ITAT) directed re-examination of the matter.

Detailed Analysis: The appellant raised concerns over the assessment completed under section 144 read with section

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