https://www.taxtmi.com/caselaws?id=434333 Surrender of a contractual right to seek specific performance in return for consideration is treated as relinquishment or extinguishment of rights in a capital asset, bringing the receipt within the statutory meaning of transfer and exposing it to capital gains tax. The right to obtain conveyance or specific performance is treated as property of wide import, so the compromise amount is not merely a non-taxable payment for a right to sue. The separate claim for deduction under section 54F required verification of the assessee's residential property position and was remitted for fresh factual examination after hearing. en-us Thu, 16 Feb 2023 00:00:00 +0530 Tue, 21 Feb 2023 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434333 Surrender of a contractual right to seek specific performance in return for consideration is treated as relinquishment or extinguishment of rights in a capital asset, bringing the receipt within the statutory meaning of transfer and exposing it to capital gains tax. The right to obtain conveyance or specific performance is treated as property of wide import, so the compromise amount is not merely a non-taxable payment for a right to sue. The separate claim for deduction under section 54F required verification of the assessee's residential property position and was remitted for fresh factual examination after hearing. Case-Laws Income Tax Thu, 16 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434333