Undisclosed Sale Consideration of Property can only assessable as Capital Gain, not as ‘Other Income’: ITAT [Read Order]

Undisclosed - Sale Consideration - Property - Capital Gain - Other Income - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the undisclosed sale consideration of the property can be subject to tax as “capital gain”under the provisions of section 48 of the Income Tax Act, 1961. The department initiated proceedings under section 147 of the Act against the assessee for the amount received against…

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