https://www.taxtmi.com/caselaws?id=447443 The ITAT Delhi allowed the assessee's appeal regarding treatment of advance received for sale of ancestral joint agricultural land. The AO had made an addition treating the advance as sale consideration without offering capital gains. The tribunal found merit in the assessee's contention that the amount was merely advance payment, with actual transfer completed in 2020 when possession was handed over per sale deed and settlement agreement dated 15.02.2020. The tribunal directed deletion of the impugned addition, noting the AO could tax capital gains in the relevant year of actual transfer according to law. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447443 The ITAT Delhi allowed the assessee's appeal regarding treatment of advance received for sale of ancestral joint agricultural land. The AO had made an addition treating the advance as sale consideration without offering capital gains. The tribunal found merit in the assessee's contention that the amount was merely advance payment, with actual transfer completed in 2020 when possession was handed over per sale deed and settlement agreement dated 15.02.2020. The tribunal directed deletion of the impugned addition, noting the AO could tax capital gains in the relevant year of actual transfer according to law. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447443