https://www.taxtmi.com/caselaws?id=300414 Relinquishment of co-owners' rights in immovable property without consideration was treated as a gift falling within section 47(iii) of the Income-tax Act, so the transfer was excluded from the capital gains charging framework under section 45. Because no consideration passed and the relinquishment deed was genuine, section 50C could not be invoked to substitute a deeming value for computation of short-term capital gain. The addition on account of short-term capital gain was therefore not sustainable, and relief was granted on this issue. en-us Mon, 30 Nov 2020 00:00:00 +0530 Mon, 31 Jan 2022 21:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300414 Relinquishment of co-owners' rights in immovable property without consideration was treated as a gift falling within section 47(iii) of the Income-tax Act, so the transfer was excluded from the capital gains charging framework under section 45. Because no consideration passed and the relinquishment deed was genuine, section 50C could not be invoked to substitute a deeming value for computation of short-term capital gain. The addition on account of short-term capital gain was therefore not sustainable, and relief was granted on this issue. Case-Laws Income Tax Mon, 30 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300414