The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the extinguishment of any rights in the property would result in the capital gain under the Income Tax Act, 1961. The assessee, an advocate was allotted a flat vide an allotment letter. He paid advance amounting to Rs. 50,00,000 on the allotment of said […]
The post Extinguishment of Right in Property would result in Capital Gain: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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