https://www.taxtmi.com/caselaws?id=767604 The ITAT Chennai held that settlement deeds executed between brothers to prevent future disputes cannot be treated as transfers under Section 2(47) for capital gains tax purposes. The CIT(A) erroneously clubbed two simultaneous settlement deeds and treated them as an exchange transaction. The Tribunal ruled that genuine family settlements between relatives fall within the exception under Section 47(iii) of the Income Tax Act, thereby negating capital gains tax liability. The stamp duty authority's recognition of the deeds as settlements rather than exchanges supported this conclusion. The assessee's appeal was allowed and the capital gains addition was deleted. en-us Mon, 17 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767604 The ITAT Chennai held that settlement deeds executed between brothers to prevent future disputes cannot be treated as transfers under Section 2(47) for capital gains tax purposes. The CIT(A) erroneously clubbed two simultaneous settlement deeds and treated them as an exchange transaction. The Tribunal ruled that genuine family settlements between relatives fall within the exception under Section 47(iii) of the Income Tax Act, thereby negating capital gains tax liability. The stamp duty authority's recognition of the deeds as settlements rather than exchanges supported this conclusion. The assessee's appeal was allowed and the capital gains addition was deleted. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767604