POA Alone Cannot Trigger Capital Gains – ITAT Bangalore Deletes ₹30 Cr Addition

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...