Profit earned by the assessee in the sale of rights is to be treated as capital gains

Last updated: 22 February 2021

Court :
ITAT Kolkata

Brief :
The present appeal has been preferred by the assessee against the order dated 27.02.2020 of the Commissioner of Income-tax (Appeals)-8, Kolkata [hereinafter referred to as ‘CIT(A)’].

Citation :
ITA No.532/Kol/2020

IN THE INCOME TAX APPELLATE TRIBUNAL
KOLKATA BENCH “SMC” KOLKATA
Before Shri Sanjay Garg, Judicial Member

ITA No.532/Kol/2020
Assessment Year:2016-17

Karan Chaudhary
P/593, Purnadas Road,
Kolkata-700 029
[PAN No.AHNPC 5835 D]
Appellant

V/s.

Income Tax Officer,
Ward-30(2), Aayakar
Bhawan, (Dakshin),
2,Gariahat Road, K
Kolkata-700 031
Respondent

Hearing through video Conferencing
By Appellant Shri Miraj D Shah, Advocate
By Respondent Shri Jayanta Khanra, JCIT-SR-DR
Date of Hearing 08-02-2021
Date of Pronouncement 08-02-2021

O R D E R

The present appeal has been preferred by the assessee against the order dated 27.02.2020 of the Commissioner of Income-tax (Appeals)-8, Kolkata [hereinafter referred to as ‘CIT(A)’].

2. The only issue raised by the assessee in this appeal is as to whether the income earned from the sale of right in the property / flat which was acquired by the assessee by way of allotment letter from the builder in the year 2010 would qualify as long term capital gains or under the head “Income from other sources”.

To know more in details find the attachment file