Pune ITAT Remands Capital Gains and Section 54F Dispute for Fresh Verification

Sanjay Baburao Parab Vs ITO (ITAT Pune) The assessee appealed against the order of the Commissioner of Income Tax (Appeals)/NFAC confirming the addition of long-term capital gains of ₹2,31,79,498 and the denial of exemption under Section 54F of the Income Tax Act arising from a development agreement executed on 17.09.2016. The assessee contended that the Commissioner (Appeals) failed to determine the foundational issue of whether any “transfer” had taken place within the meaning of Section 2(47), particularly Section 2(47)(v), read with Section 53A of the Transfer of Property Act...