Meaning of 'transfer' under section 2 (47) of the Income Tax Act

Last updated: 22 September 2021
Quick Summary
This Income Tax Appellate Tribunal order addresses cross-appeals concerning the assessment of property transactions. The tribunal ruled that the Revenue could not be considered an aggrieved party when the CIT(A) directed the Assessing Officer to use the stamp duty value of properties received in a compromise agreement. This is because Section 50C of the Income Tax Act also uses the stamp duty value as the maximum sale consideration for capital gains calculations.

Court :
ITAT Hyderabad

Brief :
These Revenue’s and assessee’s cross-appeals for AY.2008-09 arise against the CIT(A)-II, Hyderabad’s order(s) dated 11-11-2014, in case No.0270 / CIT(A)-II, Hyd /2014-15, involving proceedings u/s.143(3) of the Income Tax Act.

Citation :
125/Hyd/2015

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