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2017 (9) TMI 842 - ITAT MUMBAIAddition on account of capital gain - STCG OR LTCG - transfer u/s 2(47) - Held that:- We are of the view from the intend and purpose of the agreement to sell deed 19-07-2004 and subsequent cancellation dated 03-12-2008 that the parties never acted on the agreement and sale was never completed. Accordingly, we are of the view that the subsequent transfer effected by the assessee vide agreement dated 03-12-2008 for a sum of ₹ 75 lacs is to be considered as long term capital gain. In view of the above, we direct the AO to assess the capital gain as long term capital gain instead of short term capital gain for the entire property which is under dispute. We direct the AO accordingly. The appeal of the assessee is allowed.
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