https://www.taxtmi.com/caselaws?id=360523 The ITAT ruled in favor of the assessee, holding that the gift of 50% interest in a property to a family member did not constitute a transfer under section 2(47) of the Income Tax Act. The ITAT considered the transaction as part of a family arrangement for acquiring separate properties, not attracting tax liability. Consequently, the ITAT directed the deletion of additions towards capital gain computation, overturning the decisions of the AO and CIT(A). en-us Wed, 16 May 2018 00:00:00 +0530 Fri, 18 May 2018 08:44:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360523 The ITAT ruled in favor of the assessee, holding that the gift of 50% interest in a property to a family member did not constitute a transfer under section 2(47) of the Income Tax Act. The ITAT considered the transaction as part of a family arrangement for acquiring separate properties, not attracting tax liability. Consequently, the ITAT directed the deletion of additions towards capital gain computation, overturning the decisions of the AO and CIT(A). Case-Laws Income Tax Wed, 16 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360523