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ITAT adjudicated a dispute regarding the tax treatment of property rights relinquishment. The tribunal determined that the compensation received for surrendering possessory and beneficial interest constitutes long-term capital gains under Section 2(14) and 2(47), not income from other sources. The tribunal validated the assessee's claim, recognizing her prolonged possession and settled rights. Consequently, the tribunal allowed the assessee's appeal, affirming the long-term capital gains assessment and permitting deductions under Sections 54 and 54EC. The voluntary declaration of consideration as long-term capital gains in the income return was upheld, and the reassessment by the Assessing Officer was deemed unsustainable.
ITAT adjudicated a dispute regarding the tax treatment of property rights relinquishment. The tribunal determined that the compensation received for surrendering possessory and beneficial interest constitutes long-term capital gains under Section 2(14) and 2(47), not income from other sources. The tribunal validated the assessee's claim, recognizing her prolonged possession and settled rights. Consequently, the tribunal allowed the assessee's appeal, affirming the long-term capital gains assessment and permitting deductions under Sections 54 and 54EC. The voluntary declaration of consideration as long-term capital gains in the income return was upheld, and the reassessment by the Assessing Officer was deemed unsustainable.
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