Imported seaweed extract provisionally released on bond only; declaratory rejection set aside; appellate decision due within section 128-A(4-A) three ...
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ITAT allowed the appeal and directed the AO to delete the Rs.27,00,000 addition made to the assessee's income. The Tribunal found the assessee's spouse had disclosed the entire sale consideration in his return, and taxing the same receipt in the assessee's hands would amount to double taxation. Further, the impugned flat was acquired in October 2007 and sold in July 2019, qualifying for long-term capital gains treatment; indexed cost computation yields a capital loss, rendering the AO's short-term capital gains assessment unsustainable. The AO was held to have failed to verify available records, and the addition was quashed.
ITAT allowed the appeal and directed the AO to delete the Rs.27,00,000 addition made to the assessee's income. The Tribunal found the assessee's spouse had disclosed the entire sale consideration in his return, and taxing the same receipt in the assessee's hands would amount to double taxation. Further, the impugned flat was acquired in October 2007 and sold in July 2019, qualifying for long-term capital gains treatment; indexed cost computation yields a capital loss, rendering the AO's short-term capital gains assessment unsustainable. The AO was held to have failed to verify available records, and the addition was quashed.
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