ITAT Surat removes ₹2.45 crore capital gains addition
In short
ITAT Surat deleted a ₹2.45 crore capital gains addition after a landowner showed he got only ₹25 lakh in the relevant year, even though ₹2.86 crore showed up in Form 26AS. The tribunal also looked at later tax returns and co-owners’ cases.
What the reporting says
ITAT Surat deleted a ₹2.45 crore capital gains addition after a landowner showed he received only ₹25 lakh in the relevant year, despite ₹2.86 crore appearing in Form 26AS. The tribunal also considered later tax returns and the cases of co-owners before ruling. The decision affects how the sale proceeds are taxed when payment comes in instalments.
Why it matters
ITAT Surat deleted a ₹2.45 crore capital gains addition after the taxpayer showed receipt of only ₹25 lakh in the relevant year, despite ₹2.86 crore appearing in Form 26AS. The tribunal considered later tax returns and co-owners’ cases in reaching its decision. The ruling is relevant to property sellers receiving instalment payments and to income-tax treatment of capital gains.