https://www.taxtmi.com/caselaws?id=753026 Capital gains could not be assessed on Ac. 10-00 gts where the registered sale documents showed that the assessee had not owned or held that land; capital gains arise only in respect of a capital asset held by the assessee under section 2(14) of the Income-tax Act, and the documentary record supported the assessee's case. The Tribunal therefore found the addition for short-term capital gains on that parcel unsustainable. It also held that the first appellate authority did not violate Rule 46A or natural justice because the registered documents were already part of the assessment record and no impermissible fresh evidence or prejudice to the Assessing Officer was shown. The Revenue's challenge failed and relief was sustained. en-us Mon, 20 May 2024 00:00:00 +0530 Thu, 23 May 2024 08:33:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753026 Capital gains could not be assessed on Ac. 10-00 gts where the registered sale documents showed that the assessee had not owned or held that land; capital gains arise only in respect of a capital asset held by the assessee under section 2(14) of the Income-tax Act, and the documentary record supported the assessee's case. The Tribunal therefore found the addition for short-term capital gains on that parcel unsustainable. It also held that the first appellate authority did not violate Rule 46A or natural justice because the registered documents were already part of the assessment record and no impermissible fresh evidence or prejudice to the Assessing Officer was shown. The Revenue's challenge failed and relief was sustained. Case-Laws Income Tax Mon, 20 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753026