ITAT deletes ₹4.27 crore capital gains addition in tax case
In short
ITAT deleted a ₹4.27 crore capital gains addition in a tax case. The summary says the tribunal relied on Section 45(2) and still allowed proportionate tax on stock-in-trade sales to avoid double taxation.
This matters because it changes the tax bill for the assessee. The reporting does not say who the taxpayer was or when the order was passed.
What the reporting says
ITAT deleted a ₹4.27 crore capital gains addition while upholding proportionate taxation of stock-in-trade sales, according to the publisher summary. The reported reasoning cites Section 45(2) and says the approach was meant to avoid double taxation. The decision is favorable to the taxpayer on the deleted addition, but the underlying assessment details are not provided in the available reporting.
Why it matters
ITAT deleted a ₹4.27 crore capital gains addition while upholding proportionate taxation of stock-in-trade sales. The publisher summary says Section 45(2) was applied to prevent double taxation. The immediate consequence is relief from the added amount, though some tax on sales remains. The available reporting does not identify the assessee, the assessment year, or the forum details beyond ITAT.