assesee declared capital gain in itr later on during 143(3) ao made addition and increase the capital gain assessee movie to cit appeal where cit(a) allowed in favor of assessee and state that land(sold) is not a capital asset.
in such case only the addition made by ao is deleted or the whole cg assessee has shown in itr is reduced to nill as the land is not considered capital gain than capital gain doesnt arises.
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Capital gain cit(a)
Replies (3)
I presume you are referring to Rural Agricultural Land. This land is not within the definition of capital asset and gain is fully tax free.
Addition made by AO will definitely get deleted.
However for capital gain offered by you in return may not be deleted by AO and I think you will have to prefer Rectification application under 154 .
Addition made by AO will definitely get deleted.
However for capital gain offered by you in return may not be deleted by AO and I think you will have to prefer Rectification application under 154 .
Assessee filed 154 but ao rejected stating that it is not clear from the cit order.
while cit appeal stated its not a capital aaset
while cit appeal stated its not a capital aaset
You may again approach CIT office and get clarification and direction to AO for taking into consideration accordingly.
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