https://www.taxtmi.com/caselaws?id=778253 ITAT Hyderabad held that long-term capital gains had to be recomputed on the basis of the unregistered purchase and sale agreements, because banking-channel payments and surrounding circumstances showed the real commercial arrangement and the substance over form principle required the actual consideration to prevail over the registered conveyance deeds. On that basis, the assessee succeeded on the capital gains issue. The Tribunal also deleted the addition as unexplained cash credit, since once the sale consideration was accepted on the basis of the actual agreement and banking evidence, the separate addition could not survive as an independent item. The assessment was therefore to be modified by adopting the agreement values and deleting the disputed addition. en-us Thu, 16 Jan 2025 00:00:00 +0530 Fri, 12 Sep 2025 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778253 ITAT Hyderabad held that long-term capital gains had to be recomputed on the basis of the unregistered purchase and sale agreements, because banking-channel payments and surrounding circumstances showed the real commercial arrangement and the substance over form principle required the actual consideration to prevail over the registered conveyance deeds. On that basis, the assessee succeeded on the capital gains issue. The Tribunal also deleted the addition as unexplained cash credit, since once the sale consideration was accepted on the basis of the actual agreement and banking evidence, the separate addition could not survive as an independent item. The assessment was therefore to be modified by adopting the agreement values and deleting the disputed addition. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778253