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2021 (9) TMI 837 - AT - Income TaxCapital gain - Dishonour of cheque for sale consideration - In the sale deed, there was condition that in case of dis- honoured of cheque, the sale deed shall become null and void automatically without any action and shall be deemed to be null and void - HELD THAT:- Entire transaction has been recalled, the sale deed has been made null and void and the assessee has been also directed to refund the amount received from M/s Goel Flexible Packaging Pvt. Ltd. It is also the fact that the asset in sale is still in the possession of the assessee. On going through the entire factum of the issue, we hold that the decision of the revenue was based on the evidences before them and since the matter has been settled finally by the order of the Hon’ble High Court, at this juncture, we have no hesitation to hold that no capital gains are taxable in the hands of the assessee as there was neither transfer of any capital asset nor absolute receipt of any amount. - Appeal allowed.
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