https://www.taxtmi.com/caselaws?id=306808 The ITAT ruled in favor of the assessee, allowing the deduction of Rs. 94,90,000/- paid towards the cancellation of Banakhat deeds while computing Short Term Capital Gains on the sale of agricultural land. The ITAT emphasized the consistency in treatment of similar transactions among co-owners and the disclosure of compensation by the recipients in their income tax returns. en-us Mon, 17 Jun 2019 00:00:00 +0530 Sun, 26 Feb 2023 09:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306808 The ITAT ruled in favor of the assessee, allowing the deduction of Rs. 94,90,000/- paid towards the cancellation of Banakhat deeds while computing Short Term Capital Gains on the sale of agricultural land. The ITAT emphasized the consistency in treatment of similar transactions among co-owners and the disclosure of compensation by the recipients in their income tax returns. Case-Laws Income Tax Mon, 17 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306808