Amount not taxable under ‘capital gain’ as there is no transfer of right, title or interest in property

Mahendra Corporation Vs DCIT (ITAT Mumbai) ITAT Mumbai held that amount under the head ‘capital gain’ not taxable as there is no transfer of any right, title, or interest in the property. Facts- During the reassessment proceedings, the AO found that the assessee relinquished its rights in the property in favour of its partners, and as a result of relinquishment, capital gains accrued in the hands of the assessee which was not offered to tax. The AO further observed that none of the sums paid to any of the partners were offered to tax, either in the hands of the partners or in the hands of ...