https://www.taxtmi.com/caselaws?id=253003 The High Court of Madras dismissed the Tax Case (Appeal) filed by the Revenue, ruling in favor of the assessee. The Court found that the power of attorney holder did not receive consideration and there was no evidence to disbelieve the assessee's claim of not being the owner of the property sold. It was held that the power of attorney terms did not indicate a transfer of property rights to the assessee, leading to the dismissal of the appeal. The Court emphasized the importance of legal ownership and property rights in determining capital gains liability. en-us Mon, 03 Nov 2014 00:00:00 +0530 Thu, 13 Aug 2015 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253003 The High Court of Madras dismissed the Tax Case (Appeal) filed by the Revenue, ruling in favor of the assessee. The Court found that the power of attorney holder did not receive consideration and there was no evidence to disbelieve the assessee's claim of not being the owner of the property sold. It was held that the power of attorney terms did not indicate a transfer of property rights to the assessee, leading to the dismissal of the appeal. The Court emphasized the importance of legal ownership and property rights in determining capital gains liability. Case-Laws Income Tax Mon, 03 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253003