https://www.taxtmi.com/caselaws?id=762442 ITAT Ahmedabad held that while possession rights over property constitute a capital asset, the assessee failed to establish valid acquisition of such rights. The assessee claimed possession rights through a 2004 family settlement agreement but failed to produce this document during assessment proceedings. The tribunal found it unclear why the assessee computed acquisition cost at Rs. 43,73,026/- based on 1981 registered valuation when the rights were allegedly acquired through family arrangement without cost and the assessee had no ownership rights. Despite recognizing possession rights as capital assets, the appeal was allowed for statistical purposes due to inadequate documentation and unclear cost computation methodology. en-us Wed, 10 Jul 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762442 ITAT Ahmedabad held that while possession rights over property constitute a capital asset, the assessee failed to establish valid acquisition of such rights. The assessee claimed possession rights through a 2004 family settlement agreement but failed to produce this document during assessment proceedings. The tribunal found it unclear why the assessee computed acquisition cost at Rs. 43,73,026/- based on 1981 registered valuation when the rights were allegedly acquired through family arrangement without cost and the assessee had no ownership rights. Despite recognizing possession rights as capital assets, the appeal was allowed for statistical purposes due to inadequate documentation and unclear cost computation methodology. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762442