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Receipt as confirming party on sale of right is income taxable under capital gain: ITAT Ahmedabad
Case Law Details
- Case Name
- DCIT Vs Bharatkumar Babubhai Patel (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Bharatkumar Babubhai Patel (ITAT Ahmedabad)
ITAT Ahmedabad held that amount received as confirming party on sale of right is considered as receipts on sale of capital asset and accordingly, income is held as income from long term capital gain.
Facts- The assessee declared total income of Rs.80,50,300/- which is inclusive of Long Term Capital Gain on sale of immovable property through Banakhat rights as a Confirming Party of Rs.69,37,813 and also claimed exemption u/s. 54B of Rs. 1,79,59,304/-.
AO held that the Banakhat (Agreement of Sale) was entered by the assessee on...
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