https://www.taxtmi.com/caselaws?id=406093 The Tribunal ruled in favor of the appellant in a tax assessment dispute involving property sale. Despite the AO and Commissioner upholding a 50% ownership assumption due to vague deed language, the Tribunal found the appellant's evidence conclusive that only 25% of the sale consideration was received. Emphasizing tax liability on actual income received, the Tribunal allowed the appeal, highlighting the importance of accurate income assessment. The decision, issued on 23.03.2021, provided relief to the appellant in establishing the rightful tax liability based on evidence. en-us Tue, 23 Mar 2021 00:00:00 +0530 Tue, 06 Apr 2021 08:51:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406093 The Tribunal ruled in favor of the appellant in a tax assessment dispute involving property sale. Despite the AO and Commissioner upholding a 50% ownership assumption due to vague deed language, the Tribunal found the appellant's evidence conclusive that only 25% of the sale consideration was received. Emphasizing tax liability on actual income received, the Tribunal allowed the appeal, highlighting the importance of accurate income assessment. The decision, issued on 23.03.2021, provided relief to the appellant in establishing the rightful tax liability based on evidence. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406093