Once it has been established that the assessee was not owner of the property there can be no question of computing any capital gain in his hands from the transfer of the same property. Matter remanded to verify the extinguishment of rights in the property and to assessee as capital gains. (AY. 2012-13)
Shivaram Rakhmaj Bankar v. Dy. CIT (2020) 195 DTR 297 / 207 TTJ 771 (Pune)(Trib.)
S. 54B : Capital gains-Land used for agricultural purposes-Exemption not allowed as the assessee is not owner of property sold-No computation of capital gain in assessee’s hands-Matter remanded to verify the extinguishment of rights in the property and to assessee the capital gains. [S. 45]