Ancestral Property STCG Case Remanded to Determine If Transfer Occurred Before Assessing Capital Gains

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....The ITAT set aside the CIT(A)'s order concerning STCG on an ancestral property allegedly sold by the assessee with ten co-owners for Rs. 9.08 crores. The Tribunal remanded the case to the JAO to determine whether the assessee actually transferred any immovable property in AY 2016-17. If no transfer occurred, no capital gain would be taxable; if a transfer is confirmed, capital gains should be assessed according to law. Similarly, the penalties under s.271(1)(c) for concealment of income and s.271F for non-filing of returns were set aside, with instructions that penalties may only be imposed after the JAO completes the reassessment and establishes taxable income exceeding the threshold limit.....