LORAMITRA RATH,KAIRAPARI KOTSAHI, TANGI vs. DCIT (CIRCLE-1(1), CUTTACK
The appeal is allowed
ITA 314/CTK/2023[2015-16]Status: HeardITAT Cuttack05 Sept 2024AY 2015-16
Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2015-16 Loramitra Loramitra Rath, Rath, Kairapari Kairapari Vs. Dcit, Circle Dcit, Circle-1(1), Kotsahi, Tangi, Cuttack Kotsahi, Tangi, Cuttack Cuttack Pan/Gir No. No.Aebpr 6065 H (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Purnendhu Bhusan Mohanty, Ca Purnendhu Bhusan Mohanty, Ca Revenue By : Shri S.C.Mohanty, Sr S.C.Mohanty, Sr Dr
For Appellant: Shri Purnendhu Bhusan Mohanty, CAFor Respondent: Shri S.C.Mohanty, Sr
Section 48
section 45 Capital gain is levied when there is transfer of Capital Asset and consideration is received or accrued by virtue of such transfer. However, in the instant case even though the Capital
Asset has been transferred but consideration was neither received nor accrued to the assessee. Hence, the Income is not taxable under Capital gain as consideration never received
