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Non-Realization of Sale Consideration Cannot Delay Capital Gains Tax: ITAT Ahmedabad
Case Law Details
- Case Name
- Mehboob Jabir Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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Mehboob Jabir Patel Vs ITO (ITAT Ahmedabad)
The assessee appealed against the order of the Commissioner of Income-tax (Appeals) for AY 2014-15, challenging the addition of ₹52,38,111 as Short-Term Capital Gain (STCG). The assessee contended that the property transfer was completed only in AY 2016-17 and that the capital gain had already been offered to tax in that year. The assessee also sought consequential relief to avoid double taxation.
The assessee, engaged in the business of processing and sale of quartz sand, had filed a return declaring total income of ₹6,22,860. During scrutiny as...
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