https://www.taxtmi.com/caselaws?id=3412 The High Court upheld the Tribunal's decision, ruling that the Assessee was liable for capital gains tax under the Income Tax Act, 1961. The Court determined that by relinquishing rights in the property for consideration, the Assessee triggered capital gains tax liability, even without the transfer of possession. The judgment clarified the broad interpretation of transfer under the Act, emphasizing tax liability based on property interest and relinquishment, affirming the Tribunal's decision on the capital gains tax liability for the Assessee. en-us Tue, 11 Mar 2008 00:00:00 +0530 Wed, 06 Aug 2008 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3412 The High Court upheld the Tribunal's decision, ruling that the Assessee was liable for capital gains tax under the Income Tax Act, 1961. The Court determined that by relinquishing rights in the property for consideration, the Assessee triggered capital gains tax liability, even without the transfer of possession. The judgment clarified the broad interpretation of transfer under the Act, emphasizing tax liability based on property interest and relinquishment, affirming the Tribunal's decision on the capital gains tax liability for the Assessee. Case-Laws Income Tax Tue, 11 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3412