https://www.taxtmi.com/caselaws?id=188926 Capital gains were not taxable where the sale of agricultural land was void ab initio under the Gujarat Tenancy & Agricultural Land Act, 1948, because there was no legally effective transfer and the cancellation deed, refund of consideration, and return of title documents showed the transaction never had legal existence. Applying the real income principle, the addition was deleted. A claimed long-term capital loss on shares was disallowed because no transfer occurred during the year; mere diminution in value or book entries does not create a deductible capital loss under the Income-tax Act, 1961. The assessee succeeded only on the capital gains issue. en-us Fri, 04 Dec 2015 00:00:00 +0530 Wed, 21 Dec 2016 07:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188926 Capital gains were not taxable where the sale of agricultural land was void ab initio under the Gujarat Tenancy & Agricultural Land Act, 1948, because there was no legally effective transfer and the cancellation deed, refund of consideration, and return of title documents showed the transaction never had legal existence. Applying the real income principle, the addition was deleted. A claimed long-term capital loss on shares was disallowed because no transfer occurred during the year; mere diminution in value or book entries does not create a deductible capital loss under the Income-tax Act, 1961. The assessee succeeded only on the capital gains issue. Case-Laws Income Tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188926