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

Last updated: 22 February 2021
Quick Summary
The Income Tax Appellate Tribunal has ruled on whether income earned from selling property rights, initially acquired via an allotment letter, should be classified as long-term capital gains or 'Income from other sources'. The assessee appealed the Commissioner's decision on this matter for the assessment year 2016-17.

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

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

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