https://www.taxtmi.com/caselaws?id=764690 ITAT Delhi upheld AO's treatment of property received through compromise settlement as transfer of capital asset, resulting in capital gains tax liability. The assessee relinquished litigation rights and received properties without payment to settle criminal proceedings. AO calculated capital gains based on property values received in lieu of rights relinquishment. Despite assessee's argument that they were merely a purchaser, ITAT found no merit in the contention. The tribunal noted assessee failed to provide satisfactory response to show cause notice and submitted no evidence to challenge the factual and legal sustainability of AO's decision. en-us Fri, 30 Aug 2024 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764690 ITAT Delhi upheld AO's treatment of property received through compromise settlement as transfer of capital asset, resulting in capital gains tax liability. The assessee relinquished litigation rights and received properties without payment to settle criminal proceedings. AO calculated capital gains based on property values received in lieu of rights relinquishment. Despite assessee's argument that they were merely a purchaser, ITAT found no merit in the contention. The tribunal noted assessee failed to provide satisfactory response to show cause notice and submitted no evidence to challenge the factual and legal sustainability of AO's decision. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764690