https://www.taxtmi.com/caselaws?id=379809 Consideration received for joining as a confirming party and giving no-objection consent in a registered conveyance deed was held to arise from transfer or extinguishment of rights in a capital asset, because the deed recorded actual and physical possession with the assessee and the other legal heirs and showed that the higher share of sale proceeds was paid in exchange for handing over possession and relinquishing proprietary rights. The registered conveyance deed was preferred over unregistered documents relied on by the tax authority, since those documents were executed between other parties and did not override the deed binding on the assessee. The receipt was therefore taxable as long-term capital gains and not as income from other sources. en-us Tue, 30 Apr 2019 00:00:00 +0530 Tue, 07 May 2019 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379809 Consideration received for joining as a confirming party and giving no-objection consent in a registered conveyance deed was held to arise from transfer or extinguishment of rights in a capital asset, because the deed recorded actual and physical possession with the assessee and the other legal heirs and showed that the higher share of sale proceeds was paid in exchange for handing over possession and relinquishing proprietary rights. The registered conveyance deed was preferred over unregistered documents relied on by the tax authority, since those documents were executed between other parties and did not override the deed binding on the assessee. The receipt was therefore taxable as long-term capital gains and not as income from other sources. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379809