https://www.taxtmi.com/caselaws?id=396367 ITAT BANGALORE (AT) held that relinquishment of a right to seek specific performance under an agreement constitutes transfer of a capital asset, and consideration received therefor is chargeable as capital gains. The tribunal rejected the finding that a prior suit was necessary to invoke the principle, and found a prior Supreme Court authority inapplicable on facts. The matter of computing taxable capital gain-allowing deductions under s.48 and claim under s.54F-was remanded to the AO for fresh adjudication after hearing the assessee. The appeal was treated as allowed for statistical purposes. en-us Mon, 29 Jun 2020 00:00:00 +0530 Fri, 22 Aug 2025 22:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396367 ITAT BANGALORE (AT) held that relinquishment of a right to seek specific performance under an agreement constitutes transfer of a capital asset, and consideration received therefor is chargeable as capital gains. The tribunal rejected the finding that a prior suit was necessary to invoke the principle, and found a prior Supreme Court authority inapplicable on facts. The matter of computing taxable capital gain-allowing deductions under s.48 and claim under s.54F-was remanded to the AO for fresh adjudication after hearing the assessee. The appeal was treated as allowed for statistical purposes. Case-Laws Income Tax Mon, 29 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396367