https://www.taxtmi.com/caselaws?id=755826 ITAT Hyderabad ruled in favor of the assessee regarding capital gains treatment on property partition among family members. The court held that a compromise decree in partition proceedings represents adjustment of equities rather than a simple acquisition transaction. The assessee was deemed to have acquired the entire property through devolution from the father, not through transfer from co-sharers. Consequently, the entire capital gains should be treated as long-term rather than short-term capital gains as originally assessed by the AO. en-us Tue, 31 Oct 2023 00:00:00 +0530 Sat, 20 Jul 2024 08:06:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755826 ITAT Hyderabad ruled in favor of the assessee regarding capital gains treatment on property partition among family members. The court held that a compromise decree in partition proceedings represents adjustment of equities rather than a simple acquisition transaction. The assessee was deemed to have acquired the entire property through devolution from the father, not through transfer from co-sharers. Consequently, the entire capital gains should be treated as long-term rather than short-term capital gains as originally assessed by the AO. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755826