https://www.taxtmi.com/caselaws?id=758802 The ITAT Cuttack held that transfer of immovable properties by a guarantor to a financial institution constitutes taxable capital gains under sections 2(47), 45, and 48 of the Income Tax Act. The assessee-guarantor's properties were sold to the financial institution following loan defaults by companies she had guaranteed. Despite claims of receiving no consideration, the tribunal found that the guarantor obtained valuable rights by stepping into the creditor's position, especially given her directorship and substantial shareholding in the defaulting companies. The sale deed evidenced a plain transfer for consideration, making capital gains computable and taxable. en-us Thu, 05 Sep 2024 00:00:00 +0530 Fri, 03 Jan 2025 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758802 The ITAT Cuttack held that transfer of immovable properties by a guarantor to a financial institution constitutes taxable capital gains under sections 2(47), 45, and 48 of the Income Tax Act. The assessee-guarantor's properties were sold to the financial institution following loan defaults by companies she had guaranteed. Despite claims of receiving no consideration, the tribunal found that the guarantor obtained valuable rights by stepping into the creditor's position, especially given her directorship and substantial shareholding in the defaulting companies. The sale deed evidenced a plain transfer for consideration, making capital gains computable and taxable. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758802