https://www.taxtmi.com/caselaws?id=302720 The Tribunal upheld the decision of the Ld. Commissioner of Income Tax (Appeals) in favor of the assessee regarding the classification of income from long-term capital gains. It was determined that despite being labeled as a 'Consentor' due to mutation issues, the assessee had legal ownership rights over the lands sold, as evidenced by possession and sale transactions. The Tribunal emphasized that mutation entries do not establish ownership rights, and confirmed the assessee's tax liability on capital gains. The revenue's appeal was dismissed, affirming the assessee's ownership rights and the assessment of capital gains tax based on those rights. en-us Tue, 18 Dec 2018 00:00:00 +0530 Tue, 14 Jun 2022 08:28:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302720 The Tribunal upheld the decision of the Ld. Commissioner of Income Tax (Appeals) in favor of the assessee regarding the classification of income from long-term capital gains. It was determined that despite being labeled as a 'Consentor' due to mutation issues, the assessee had legal ownership rights over the lands sold, as evidenced by possession and sale transactions. The Tribunal emphasized that mutation entries do not establish ownership rights, and confirmed the assessee's tax liability on capital gains. The revenue's appeal was dismissed, affirming the assessee's ownership rights and the assessment of capital gains tax based on those rights. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302720