https://www.taxtmi.com/caselaws?id=359304 The ITAT upheld the classification of Rs. 3.11 crores as long-term capital gain, rejecting the AO's argument that it should be treated as income from other sources due to a property transfer in 1972. The Tribunal deemed the amount received as consideration for relinquishing ownership rights. Additionally, the ITAT allowed the deduction of Rs. 59,48,904 for gratuity payments made before scheme approval, following the precedent set by the Supreme Court in Textool Company Ltd. The ITAT's decision was in favor of the assessee, dismissing the Revenue's appeal and affirming the CIT(A)'s rulings. en-us Mon, 12 Feb 2018 00:00:00 +0530 Wed, 25 Apr 2018 08:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359304 The ITAT upheld the classification of Rs. 3.11 crores as long-term capital gain, rejecting the AO's argument that it should be treated as income from other sources due to a property transfer in 1972. The Tribunal deemed the amount received as consideration for relinquishing ownership rights. Additionally, the ITAT allowed the deduction of Rs. 59,48,904 for gratuity payments made before scheme approval, following the precedent set by the Supreme Court in Textool Company Ltd. The ITAT's decision was in favor of the assessee, dismissing the Revenue's appeal and affirming the CIT(A)'s rulings. Case-Laws Income Tax Mon, 12 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359304