https://www.taxtmi.com/caselaws?id=769118 The ITAT Mumbai ruled in favor of the assessee regarding capital gains taxation on property sale. The AO incorrectly treated the transaction as short-term capital gain when the assessee had already declared it as long-term capital gain in AY 2010-11, which was accepted by the department. The court found the AO's assessment erroneous as the assessee purchased flats under SRA scheme's sale component, not slum occupation category. The ITAT held that no additional capital gains tax was liable since the transaction was already properly declared and accepted in the previous assessment year. The assessee's appeal was allowed. en-us Mon, 24 Mar 2025 00:00:00 +0530 Sat, 19 Apr 2025 08:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769118 The ITAT Mumbai ruled in favor of the assessee regarding capital gains taxation on property sale. The AO incorrectly treated the transaction as short-term capital gain when the assessee had already declared it as long-term capital gain in AY 2010-11, which was accepted by the department. The court found the AO's assessment erroneous as the assessee purchased flats under SRA scheme's sale component, not slum occupation category. The ITAT held that no additional capital gains tax was liable since the transaction was already properly declared and accepted in the previous assessment year. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769118