Phantom Land, Phantom Gain: ITAT Orders Recheck of ₹11.33 Cr Capital Gain

Aranya Association Vs ITO (ITAT Ahmedabad) Phantom Land, Phantom Gain – ITAT Sends ₹11.33 Crore Capital Gain Back to Reality Check- Matter Remanded for Fresh Examination – ITAT Ahmedabad Sets Aside Ex Parte Assessment of ₹11.33 Cr LTCG on Land Transactions Ahmedabad   ITAT  remanded the matter back to AO  for de novo assessment, setting aside the ex parte orders passed by the lower authorities. AO  had made an addition of ₹11.33 crore on account of Long-Term Capital Gains, alleging that Assessee association had transferred immovable property.  Assessee contended that it was nev...