No Possession, No Taxation: ITAT Deletes Capital Gains Addition u/s 2(47) of Income Tax Act

The ITAT deleted a capital gains addition under the Income Tax Act, ruling "no possession, no taxation." The tribunal held that capital gains tax cannot be levied if the assessee has not been given possession of the property in question. This ruling emphasizes the importance of the transfer of possession in determining the taxability of capital gains on property transactions. It provides relief to taxpayers who have not yet received physical possession of the property.