https://www.taxtmi.com/caselaws?id=14127 The High Court ruled in favor of the assessee, holding that there was no transfer of property as defined in section 2(47) of the Income-tax Act, 1961. The Court distinguished between a partition deed and a settlement deed, emphasizing that a partition does not entail acquiring property in a new right but rather converting joint ownership into separate ownership. The judgment clarified the application of section 2(47) in cases of property distribution among family members, ultimately favoring the assessee and rejecting the Revenue's arguments. en-us Thu, 07 Dec 2000 00:00:00 +0530 Mon, 13 Jul 2009 17:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14127 The High Court ruled in favor of the assessee, holding that there was no transfer of property as defined in section 2(47) of the Income-tax Act, 1961. The Court distinguished between a partition deed and a settlement deed, emphasizing that a partition does not entail acquiring property in a new right but rather converting joint ownership into separate ownership. The judgment clarified the application of section 2(47) in cases of property distribution among family members, ultimately favoring the assessee and rejecting the Revenue's arguments. Case-Laws Income Tax Thu, 07 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14127