https://www.taxtmi.com/caselaws?id=756062 ITAT Mumbai held that surrender of allotment letters for flats constitutes transfer of capital asset, allowing long-term capital loss claim. The assessee cancelled flat allotments and received refund consideration. Court ruled that right to acquire flats is capital asset, and its surrender amounts to transfer for consideration. Section 50C provisions did not apply as transfer involved rights, not land/building directly. Regarding penalty under Section 271(1)(c), ITAT ruled that voluntary withdrawal of expense claim before AO confrontation does not constitute concealment, emphasizing fairness in tax administration. Assessee's appeal was allowed on both grounds. en-us Wed, 24 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 09:08:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756062 ITAT Mumbai held that surrender of allotment letters for flats constitutes transfer of capital asset, allowing long-term capital loss claim. The assessee cancelled flat allotments and received refund consideration. Court ruled that right to acquire flats is capital asset, and its surrender amounts to transfer for consideration. Section 50C provisions did not apply as transfer involved rights, not land/building directly. Regarding penalty under Section 271(1)(c), ITAT ruled that voluntary withdrawal of expense claim before AO confrontation does not constitute concealment, emphasizing fairness in tax administration. Assessee's appeal was allowed on both grounds. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756062