Case Law Details
Case Name : Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT)
Appeal Number : ITA No. 4255/MUM/2018
Date of Judgement/Order : 28/08/2020
Related Assessment Year : 2012-2013
Courts :
All ITAT ITAT Mumbai
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Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT)
The ITAT Mumbai has put to rest an important controversy in the case of Mukesh Sohanraj Vardhan vs Income Tax Officer Mumbai decided on 28 August 2020 by holding that the extra consideration received on cancellation of Booking of Flats constitutes a ‘Capital Receipt’ and cannot be taxed as ‘Income from other sources’. The Tribunal held that even
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Author Bio
Dear Sir,
in case the surplus received from cancellation of booking is treated as LTCG. Please confirm in there is deduction and loss, will it treated as LT C loss??
The income tax authorities somehow messed up the issues and try to levy tax on LTCG. For instance when honest assessee deposited LTCG in bank out of full sale proceeds of an apartment and declared in his returns and paid tax on LTCG as well and after 3-4 years when applied form G closure of LTCG deposits the assessing officer screw up the assess and intercepted the case and try to levy full tax. Assess is just salary person. The assessing officer did not follow any time limitation for reopening the case and even assessment order under 143(2) not completed with in six months but issues notices for reopening the assessment order after 3-4 years when form G applied for NOC to close the LTCG deposit in the bank. Assessing officer issue notices that construction agreement not registered only land agreement registered for sale deed registration and construction agreement value does not applicable for capital INDEXATION and the value to be taxed full rate. Since August 2019 matter pending for relevant assessment year 2015-16,, because of COVIND-19 corona virus crises lock-down exercise etc entire proceeding kept under abyeances and assessee amount Rs. 1.00 crore blocked in bank LTCG deposit and nationalized bank also keeping quiet unable to close the LTCG deposit account for the reason that bank doesn’t want to FDs deposited with them.