https://www.taxtmi.com/caselaws?id=380771 The Income Tax Appellate Tribunal (ITAT) held that the transfer of property through an irrevocable power of attorney is not valid for computing capital gains tax. The correct assessment year for recognizing the Short Term Capital Gain (STCG) was determined to be 2013-14, based on the sale deed date of 19th April 2012. Consequently, the capital gain income on the sale of the land could not be taxed in the Assessment Year 2012-13. The ITAT partly allowed the Revenue's appeal and directed the Assessing Officer to delete the addition made to the assessee's total income for the relevant year. en-us Thu, 23 May 2019 00:00:00 +0530 Mon, 27 May 2019 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380771 The Income Tax Appellate Tribunal (ITAT) held that the transfer of property through an irrevocable power of attorney is not valid for computing capital gains tax. The correct assessment year for recognizing the Short Term Capital Gain (STCG) was determined to be 2013-14, based on the sale deed date of 19th April 2012. Consequently, the capital gain income on the sale of the land could not be taxed in the Assessment Year 2012-13. The ITAT partly allowed the Revenue's appeal and directed the Assessing Officer to delete the addition made to the assessee's total income for the relevant year. Case-Laws Income Tax Thu, 23 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380771