Tax / Income Tax : Principles of Taxation on Transfer of Properties and Capital Gains under S.54B of Income-tax Act, 1961

Tax / Income Tax : Principles of Taxation on Transfer of Properties and Capital Gains under S. 54B of Income-tax Act, 1961 

In case of Nitin R Shah v. DCIT [2025] GCtR 1493 (ITAT, Ahmedabad), the agreement entered between the seller of land and an escrow agent regarding payment of additional consideration was not properly verified by the Assessing Officer. On appeal, it was directed that Assessing Officer has to consider such document while dealing with S.54B of Income-tax Act, 1961.