https://www.taxtmi.com/caselaws?id=754666 ITAT Indore rejected assessee's claim that property transfer under HUF partition was exempt under section 47(i), finding the partition deed showed only movable assets and no immovable property in HUF. The tribunal also rejected the family settlement claim raised for the first time during proceedings, holding it would upset lower authority proceedings. However, regarding the assessee's sale of 1/6th share in father's 1/3rd partnership interest for Rs. 1,80,00,000 to brothers, ITAT held this actual transaction with consideration attracted capital gains tax. The tribunal allowed deletion of unexplained cash deposits addition, accepting assessee's cash book showing sufficient balance for bank deposits. en-us Thu, 18 Jan 2024 00:00:00 +0530 Fri, 28 Jun 2024 08:44:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754666 ITAT Indore rejected assessee's claim that property transfer under HUF partition was exempt under section 47(i), finding the partition deed showed only movable assets and no immovable property in HUF. The tribunal also rejected the family settlement claim raised for the first time during proceedings, holding it would upset lower authority proceedings. However, regarding the assessee's sale of 1/6th share in father's 1/3rd partnership interest for Rs. 1,80,00,000 to brothers, ITAT held this actual transaction with consideration attracted capital gains tax. The tribunal allowed deletion of unexplained cash deposits addition, accepting assessee's cash book showing sufficient balance for bank deposits. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754666