Unregistered Agreement Not Valid for Capital Gains: ITAT Deletes Rs. 30.5 Lakh and Rs. 2.3 Cr Additions for Property Transaction [Read Order]
The tribunal deleted additions of Rs. 30.5 lakh and Rs. 2.3 crore and ruled that an unregistered agreement does not constitute a valid sale for capital gains purposes
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has set aside additions of Rs. 30.5 lakh under Section 56(vii)(b) and Rs. 2.3 crore as short-term capital gains, holding that an unregistered agreement on a Rs. 100 stamp paper does not constitute a valid property transfer under the Income Tax Act, 1961. Vikas Bhagoji…
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