{"id":16137,"date":"2021-03-30T19:50:01","date_gmt":"2021-03-30T14:20:01","guid":{"rendered":"https:\/\/itatonline.org\/digest\/shri-tobby-simon-v-dcit-2021-the-chambers-journal-march-p-186-mum-trib\/"},"modified":"2021-03-30T19:50:01","modified_gmt":"2021-03-30T14:20:01","slug":"shri-tobby-simon-v-dcit-2021-the-chambers-journal-march-p-186-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/shri-tobby-simon-v-dcit-2021-the-chambers-journal-march-p-186-mum-trib\/","title":{"rendered":"Shri Tobby Simon v DCIT ( 2021) The Chamber\u2019s Journal \u2013 March -P. 186 ( Mum) (Trib)"},"content":{"rendered":"<p>The assessee entered in to a Memorandum of understanding on 15 -3 -2009 with Synergy Consultants Pvt ltd to sell the 4156 sq.ft . built up area for consideration of 4, 50, 0000 out of which a sum of Rs , 3, 05 70n, 826 was received as advance . The AO held that the assessee has parted with possession of the premises hence assessable as capital gains tax. CIT (A) also up held the order of the AO , relying on the decision in Chaturbhuj Dwakadas Kapadia v .CIT\u00a0 ( 2003) 260 ITR 491 ( Bom) (HC) .On appeal the Tribunal held that the Authorities must look in to substance of transaction and matter was remanded to the AO to decide the issue in accordance with law . ( ITA No. 106\/ Bang\/ 2020 dt 27 -11 -2020) (AY. 2012 -13)\u00a0 \u00a0<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45: Capital gains- Advance received -Sale not materialised for   gains \u2013 Matter remanded  to the Assessing Officer for look in to genuineness  of the Transaction . [ S.2(47) (v), Transfer of property Act , 1882 , S.53  ]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16137","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4ch","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16137"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16137\/revisions"}],"predecessor-version":[{"id":16138,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16137\/revisions\/16138"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}