https://www.taxtmi.com/caselaws?id=280214 The Tribunal dismissed the revenue's appeal, affirming that the profit on the transfer of the property should be taxed under 'Capital Gains' and not 'Income from Other Sources'. The Tribunal also upheld the CIT(A)'s direction to allow deductions for expenses incurred in the sale and recognized the assessee's valid ownership interest in the property based on historical possession and contributions to the purchase price. The decision was supported by relevant judicial precedents, emphasizing the broad definition of 'property' and 'capital asset' under the Income-tax Act. en-us Wed, 11 Feb 2004 00:00:00 +0530 Thu, 25 Apr 2019 11:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280214 The Tribunal dismissed the revenue's appeal, affirming that the profit on the transfer of the property should be taxed under 'Capital Gains' and not 'Income from Other Sources'. The Tribunal also upheld the CIT(A)'s direction to allow deductions for expenses incurred in the sale and recognized the assessee's valid ownership interest in the property based on historical possession and contributions to the purchase price. The decision was supported by relevant judicial precedents, emphasizing the broad definition of 'property' and 'capital asset' under the Income-tax Act. Case-Laws Income Tax Wed, 11 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280214