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POA Alone Cannot Trigger Capital Gains – ITAT Bangalore Deletes ₹30 Cr Addition
Case Law Details
- Case Name
- Ramesh Kumar Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Bangalore
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Ramesh Kumar Vs ACIT (ITAT Bangalore)
Mere Possession & Construction Activity Doesn’t Trigger Capital Gains u/s 2(47)(v)- Capital Gains Can’t Be Taxed Without Registered Sale Agreement: Relief to Landowner; No Registered Contract, No Transfer: ITAT Deletes ₹30 Crore Capital Gains Addition- POA Is Not Conveyance – ITAT Bangalore Applies Balbir Singh Maini & Favors Assessee
Background
Assessee, , faced addition of capital gains for AY 2012-13 on account of a transaction with Mr. Srinath Hebbar (Land Traders) regarding property in Kadri, Mangalore.
AO, relying on survey findi...
Author Info
