https://www.taxtmi.com/caselaws?id=777788 ITAT held that capital gains were not assessable in AY 2007-08 because the sale did not materialize due to the developer's fraud; the sale deed provided automatic cancellation if the cheque bounced and the cheque could not be encashed. The Tribunal consistently accepted the farmers' position that consideration was received only after court intervention, therefore capital gain tax for AY 2007-08 was not leviable on the assessee. en-us Thu, 06 Mar 2025 00:00:00 +0530 Fri, 05 Sep 2025 08:10:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777788 ITAT held that capital gains were not assessable in AY 2007-08 because the sale did not materialize due to the developer's fraud; the sale deed provided automatic cancellation if the cheque bounced and the cheque could not be encashed. The Tribunal consistently accepted the farmers' position that consideration was received only after court intervention, therefore capital gain tax for AY 2007-08 was not leviable on the assessee. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777788