https://www.taxtmi.com/caselaws?id=779549 ITAT held that compensation received on relinquishment of the right to acquire property under a cancelled purchase agreement is a capital receipt and taxable as long-term capital gain. The tribunal found the cancellation deed evidences transfer under s.2(47); precedents establish relinquished contractual rights in property as capital assets, and book entries or the assessee's land business do not convert the receipt into revenue. Accordingly, the appellate authority reversed CIT(A) and allowed the assessee's appeal. en-us Wed, 22 Jan 2025 00:00:00 +0530 Wed, 08 Oct 2025 08:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779549 ITAT held that compensation received on relinquishment of the right to acquire property under a cancelled purchase agreement is a capital receipt and taxable as long-term capital gain. The tribunal found the cancellation deed evidences transfer under s.2(47); precedents establish relinquished contractual rights in property as capital assets, and book entries or the assessee's land business do not convert the receipt into revenue. Accordingly, the appellate authority reversed CIT(A) and allowed the assessee's appeal. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779549