https://www.taxtmi.com/caselaws?id=313662 ITAT Chennai held that capital gains from transfer of 14,307 sq.ft. land through irrevocable Power of Attorney in 2002 was assessable only in AY 2002-03, not AY 2010-11 when Sale Deed was registered. Following SC precedent in Balbir Singh Maini, the tribunal ruled that since consideration was received and possession transferred via registered Power of Attorney in 2002, and assessee had already disclosed gains in AY 2002-03 returns, Sec. 50C provisions couldn't apply for AY 2010-11. Same transaction cannot be taxed twice across different assessment years. Appeal allowed. en-us Wed, 06 Dec 2017 00:00:00 +0530 Sat, 27 Apr 2024 15:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313662 ITAT Chennai held that capital gains from transfer of 14,307 sq.ft. land through irrevocable Power of Attorney in 2002 was assessable only in AY 2002-03, not AY 2010-11 when Sale Deed was registered. Following SC precedent in Balbir Singh Maini, the tribunal ruled that since consideration was received and possession transferred via registered Power of Attorney in 2002, and assessee had already disclosed gains in AY 2002-03 returns, Sec. 50C provisions couldn't apply for AY 2010-11. Same transaction cannot be taxed twice across different assessment years. Appeal allowed. Case-Laws Income Tax Wed, 06 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313662