ITAT Upholds Capital Gains Tax on Property Received Against Tenancy Rights

Balmukund P Acharya Vs ITO (ITAT Mumbai) The appeal arose from the order of the Commissioner of Income Tax (Appeals) passed pursuant to the Bombay High Court remanding the matter for fresh adjudication. The assessee challenged the taxation of capital gains arising from the sale of premises, contending that the property had been acquired without any monetary cost and, therefore, capital gains could not be computed under Section 45 by applying the principle laid down in ITO v. B.C. Srinivasa Shetty. The assessee had filed the return of income for Assessment Year 1996-97 declaring capital gains o...