https://www.taxtmi.com/caselaws?id=253957 Capital gains were not attracted on an agreement to sell-cum-irrevocable power of attorney where consideration was not received, possession was not handed over, and the agreement was later cancelled by registered deed, because no completed transfer was proved. Deduction under section 54F required fresh factual enquiry since the nature of the new construction as a residential house was not conclusively established and its use as hostel accommodation was not enough by itself. Deduction under section 54B was sustained because the purchased lands were shown by documentary and revenue records to be agricultural lands, and no notified-limit disqualification was proved. Additions treating part of disclosed agricultural income as income from other sources were rejected as based on estimate rather than evidence. en-us Wed, 24 Sep 2014 00:00:00 +0530 Mon, 08 Dec 2014 21:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253957 Capital gains were not attracted on an agreement to sell-cum-irrevocable power of attorney where consideration was not received, possession was not handed over, and the agreement was later cancelled by registered deed, because no completed transfer was proved. Deduction under section 54F required fresh factual enquiry since the nature of the new construction as a residential house was not conclusively established and its use as hostel accommodation was not enough by itself. Deduction under section 54B was sustained because the purchased lands were shown by documentary and revenue records to be agricultural lands, and no notified-limit disqualification was proved. Additions treating part of disclosed agricultural income as income from other sources were rejected as based on estimate rather than evidence. Case-Laws Income Tax Wed, 24 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253957