|Income Tax Appellate Tribunal
Section 45 IT Act | Capital Gains Tax Liable Only on Actual Receipt, Not Total Sale Consideration : ITAT Ahmedabad
ITAT Ahmedabad clarifies that capital gains tax under Section 45 of the Income Tax Act applies only to the amount actually received by a confirming party, not the entire sale consideration. The ruling underscores the need for tax authorities to assess liability based on real receipts, offering relief to taxpayers involved in joint property transactions where proceeds are shared.