https://www.taxtmi.com/caselaws?id=213418 Taxability of alleged long-term capital gains depended on whether the lease and amendment deeds, together with the surrounding transactions and account records, established a completed transfer of a capital asset and the correct character of the related receipt. The Tribunal found that the documentary record did not sufficiently correlate the relied-upon deeds with the actual transactions, and the claim that the property was later sold and the deposit was refundable needed further verification. As the factual foundation was incomplete, the additions could not be finally sustained on the existing material and the matter was remitted for fresh investigation and decision in accordance with law. en-us Wed, 07 Dec 2011 00:00:00 +0530 Mon, 21 May 2012 07:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213418 Taxability of alleged long-term capital gains depended on whether the lease and amendment deeds, together with the surrounding transactions and account records, established a completed transfer of a capital asset and the correct character of the related receipt. The Tribunal found that the documentary record did not sufficiently correlate the relied-upon deeds with the actual transactions, and the claim that the property was later sold and the deposit was refundable needed further verification. As the factual foundation was incomplete, the additions could not be finally sustained on the existing material and the matter was remitted for fresh investigation and decision in accordance with law. Case-Laws Income Tax Wed, 07 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213418