https://www.taxtmi.com/caselaws?id=393277 The ITAT ruled in favor of the appellant, determining that the allotment letter and part payment constituted a capital asset. The surplus received upon cancellation of the flat booking was considered a long-term capital gain (LTCG) rather than income from other sources. Consequently, the appellant was entitled to relief under Sections 54/54F of the Income Tax Act. The ITAT allowed the appeal filed by the assessee, setting aside the decisions of the lower authorities. en-us Mon, 17 Feb 2020 00:00:00 +0530 Tue, 10 Mar 2020 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393277 The ITAT ruled in favor of the appellant, determining that the allotment letter and part payment constituted a capital asset. The surplus received upon cancellation of the flat booking was considered a long-term capital gain (LTCG) rather than income from other sources. Consequently, the appellant was entitled to relief under Sections 54/54F of the Income Tax Act. The ITAT allowed the appeal filed by the assessee, setting aside the decisions of the lower authorities. Case-Laws Income Tax Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393277