2016 (5) TMI 699 - SCH - Income Tax

Computation of capital gain - whether there is no valid transfer? - Held that - HC order confirmed 2015 (7) TMI 482 - KARNATAKA HIGH COURT no justification in concluding that there is no transfer of FAR relating to 1 acre 6 guntas during the relevant year. The Appellate Tribunal is also not justified in holding that no income has accrued during the year as no construction has taken place relating to such FAR. The reasons assigned by the Income Tax Appellate Tribunal while setting aside the orders passed by the Assessing Officer and the Appellate Commissioner cannot be accepted - Decided in favour of the Revenue.