{"id":24662,"date":"2022-02-07T13:14:19","date_gmt":"2022-02-07T07:44:19","guid":{"rendered":"https:\/\/itatonline.org\/digest\/shailendra-bhandari-v-acit-2021-bcaj-may-p-49-mum-trib\/"},"modified":"2022-02-07T13:14:19","modified_gmt":"2022-02-07T07:44:19","slug":"shailendra-bhandari-v-acit-2021-bcaj-may-p-49-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/shailendra-bhandari-v-acit-2021-bcaj-may-p-49-mum-trib\/","title":{"rendered":"Shailendra Bhandari v. ACIT (2021) BCAJ-May-P. 49 (Mum.)(Trib.)"},"content":{"rendered":"<p>The assessee has booked a \u00a0flat in a proposed building \u00a0in the year 2010. The builder could not complete the building due to not getting the permission from competent authority. In the year 2014 the assessee received the refund of amount and also compensation. The assesseee has claimed the said amount as capital gain. The Assessing Officer assessed the amount as income from other sources\u00a0 which was affirmed by the CIT (A). On appeal the Tribunal held that the compensation received on extinguishment of rights assessable as capital gains.The Tribunal also observed that the provision of MOFA cannot regulate the taxability of capital gain\/loss. Followed ACIT v. Ashwin S. Bhalekar ITA No. 6822\/M\/ 2016 AY. 2012-13. (ITA No. 6528\/ M\/2028 dt. 21-1-2021). (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45 : Capital gains-Capital asset-Booking right of flat in a proposed building-Agreement was not registered-Compensation received on extinguishment of rights-Assessable as capital  gains and not as income from other sources. [S. 2(14)(a), 56]  <\/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-24662","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6pM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24662","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=24662"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24662\/revisions"}],"predecessor-version":[{"id":24663,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24662\/revisions\/24663"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}