Section 45(3): Year of chargeability is year in which transfer takes place

DCIT Vs Abdulsattar Suleman (ITAT Mumbai) Introduction: The Income Tax Appellate Tribunal (ITAT) Mumbai recently delivered a significant verdict in the case of DCIT Vs Abdulsattar Suleman, rejecting the appeal filed by the Deputy Commissioner. The case involves the assessment year 2013-14 and revolves around the taxation of capital gains related to the transfer of land to a partnership firm. This article provides a comprehensive analysis of the case, highlighting key arguments, legal provisions, and the tribunal’s ruling. Background: The case originated from the assessment year 2013-14 w...