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 148 of the Income Tax Act, 1961, as well as the taxability of Rs. 1,01,39,166/- as LTCG from the sale of land f...