Whether The Gain Received In Extinguishment Of Assessee’s Right In The Flat Under Allotment Letter Amounts To “Capital Gain” Or “Income From Other Sources” Under The Income Tax Act, 1961 (“Act”)

Recently, the above issue was well covered by the Income Tax Appellate Tribunal, Mumbai by its Order dated 25th August 2020 in ITA No. 4255/MUM/2018 in the matter of Mukesh Sohanraj Vardhan V/s. ITO. Material Facts are: – The Appellant acquired the right in the residential Flat in the form of an Allotment Letter dated