Taxpayer Not Property Owner, Only POA Holder: ITAT Remands Rs. 4.73 Crore LTCG Addition Matter [Read Order]
The Tribunal observed in the interest of justice, deemed it fit to restore the matter to the file of the CIT(A) with a direction to grant one more opportunity to the assessee to submit supporting evidence regarding ownership and sale consideration.
By Franklin Joshva - On April 12, 2025 12:17 pm - 2 mins read
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) remanded a matter involving Long-Term Capital Gain (LTCG) addition of Rs. 4.73 crore after the assessee claimed that he was not the owner of the property sold but merely a General Power of Attorney (GPA) holder. Shri Thirupathi Rao Naineni (assessee) had not filed return…
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