https://www.taxtmi.com/caselaws?id=422463 The Tribunal held that the sum received by the assessee in a compromise agreement for partition of family properties was a capital receipt and not taxable under the Income Tax Act, 1961. The Tribunal overturned the decisions of the AO and CIT(A) and ruled in favor of the assessee, stating that the amount received was in exchange for giving up rights over certain properties and therefore not taxable as income from other sources. The Tribunal emphasized that the sum was not without consideration and directed the deletion of the addition made by the Revenue authorities, allowing the assessee's appeal. en-us Wed, 16 Feb 2022 00:00:00 +0530 Sat, 14 May 2022 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422463 The Tribunal held that the sum received by the assessee in a compromise agreement for partition of family properties was a capital receipt and not taxable under the Income Tax Act, 1961. The Tribunal overturned the decisions of the AO and CIT(A) and ruled in favor of the assessee, stating that the amount received was in exchange for giving up rights over certain properties and therefore not taxable as income from other sources. The Tribunal emphasized that the sum was not without consideration and directed the deletion of the addition made by the Revenue authorities, allowing the assessee's appeal. Case-Laws Income Tax Wed, 16 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422463