No capital gains tax in hands of assessee if sale deeds became invalid due to dishonour of post-dated cheques

INCOME TAX: Where assessee entered into two sale deeds for sale of its lands, however sale transactions could not materialize as post dated cheques issued in discharge of consideration had been dishonored, thus, no transfer of land having taken place and no real income having arisen to assessee, assessee would not be exigible to capital gains tax

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