https://www.taxtmi.com/caselaws?id=37048 The court held that the transaction involving the transfer of a capital asset by the assessee for Rs. 5 lakhs resulted in capital gains under the Income-tax Act, 1961. The court determined that the consideration received was for the relinquishment or assignment of the right to obtain a conveyance of the immovable property, constituting a transfer of a capital asset. However, the court denied the deduction for the detriment suffered by the assessee while computing capital gains, emphasizing that the entire capital asset was transferred without any depreciation or partial transfer considerations. The assessee was directed to pay capital gains tax on the amount received, with deductions allowed only for legal and other expenses. en-us Tue, 16 Jan 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37048 The court held that the transaction involving the transfer of a capital asset by the assessee for Rs. 5 lakhs resulted in capital gains under the Income-tax Act, 1961. The court determined that the consideration received was for the relinquishment or assignment of the right to obtain a conveyance of the immovable property, constituting a transfer of a capital asset. However, the court denied the deduction for the detriment suffered by the assessee while computing capital gains, emphasizing that the entire capital asset was transferred without any depreciation or partial transfer considerations. The assessee was directed to pay capital gains tax on the amount received, with deductions allowed only for legal and other expenses. Case-Laws Income Tax Tue, 16 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37048