Tribunal Rules on Capital Gains from Property Possession Rights; Documentation Inadequate to Prove 2004 Family Settlement.

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....The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal for statistical purposes in relation to the computation of capital gains arising from the transfer of "possession rights" over a property. The assessee contended that the "possession rights" constituted a "capital asset" and the transfer of such rights was liable to capital gains tax. However, the ITAT observed that the assessee failed to furnish crucial documents supporting the acquisition of such "possession rights" through a family settlement agreement in 2004. The ITAT noted discrepancies in the assessee's computation of the "cost of acquisition" of the "possession rights." The assessee had computed the cost based on the registered valuer's report valuing the propert.........