Petitioner entitled to refund of excess capital gains tax due to lower actual consideration received from escrow account reduction.

Petitioner entitled to refund of excess capital gains tax due to lower actual consideration received from escrow account reduction. https://www.taxtmi.com/highlights?id=62950 Revision u/s 264 - Refund of excess tax paid - Admittedly, petitioner has paid more capital gains than what should have been paid. Capital gains has to be calculated on the basis of what actual consideration has been received. Certainly, petitioner has not received his proportionate share to the extent from ₹ 9,17,04,240/- that was reduced from the escrow account.In the circumstances we hold that petitioner be entitled to refund of excess tax paid on the excess capital gains shown earlier. - HC en-us Sat, 16 Apr 2022 12:26:11 +0530 Sat, 16 Apr 2022 12:26:11 +0530 TaxTMI RSS Generator Petitioner entitled to refund of excess capital gains tax due to lower actual consideration received from escrow account reduction. https://www.taxtmi.com/highlights?id=62950 Revision u/s 264 - Refund of excess tax paid - Admittedly, petitioner has paid more capital gains than what should have been paid. Capital gains has to be calculated on the basis of what actual consideration has been received. Certainly, petitioner has not received his proportionate share to the extent from ₹ 9,17,04,240/- that was reduced from the escrow account.In the circumstances we hold that petitioner be entitled to refund of excess tax paid on the excess capital gains shown earlier. - HC Highlights Income Tax Sat, 16 Apr 2022 12:26:11 +0530 https://www.taxtmi.com/highlights?id=62950