Allowing the appeal of the assessee the Tribunal held that, transaction could not be materialised and the possession of land was in dispute. Accordingly no profit or gain arose hence not liable to tax as capital gain. (AY. 2011-12)
Appasaheb Baburao Lonkar v. ITO (2019) 176 ITD 115 / 69 ITR 460/ 176 DTR 9/198 TTJ 448 (Pune)(Trib.)
S. 45 : Capital gains–Transfer-Transaction could not be materialised–Possession of land was in dispute-No profit or gain arose – Not liable to tax as capital gain. [S. 2(47)]