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Right to receive a property is a valuable and transferable right
Case Law Details
- Case Name
- Satnam Overseas Exports Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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ITAT has held that right to receive a property is a valuable and a transferable right and falls within the ambit of “capital asset” and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources.
Full Text of the ITAT Order is as follows:-
This appeal of the assessee arises from the order of learned CIT(A)- XIX, New Delhi, vide order dated 21.06.2016 for the assessment year 2010-11.
2. The assessee has raised as many as eleven grounds of appeal. As a matter of fact the learned counsel...
