Meaning of Tranfer u/s 2(47) ::
Court :
HC
Brief :
Held by hon"ble court that aforesaid transaction means reliniquishment of a right in property which is transfer as defined in section 2(47). Thus the transaction was liable to capital gains tax.
Citation :
C.I.T Vs. Smt. Laxmidevi Ratani
Meaning of Tranfer u/s 2(47)
C.I.T Vs. Smt. Laxmidevi Ratani 2/21/2005
(2005) 147 Taxman642(MP)
Case Fact: Whether giving up right to claim property and accepting compensation in lieu of that would be treated as transfer liable to capital gain u/s 2(47).
Decision: Held by hon"ble court that aforesaid transaction means reliniquishment of a right in property which is transfer as defined in section 2(47). Thus the transaction was liable to capital gains tax.
CA.Saibaburao Nanduri
Published in Income Tax
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