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Nil Consideration in Spousal Transfer: ITAT Delhi Deletes ₹1.40 Cr Capital Gains
Case Law Details
- Case Name
- Sunil Kumar Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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Sunil Kumar Vs ITO (ITAT Delhi)
Nil consideration proved – ITAT quashes Capital Gains on spousal property transfer
Delhi ITAT dealt with the case of late Sunil Kumar, represented by his son, arising from a reassessment completed u/s 147/144/144B. The dispute centered on the addition of ₹1.40 crore as capital gains, alleged to have arisen from the transfer of a property at Nehru Ground, NIT Faridabad, by the assessee to his wife, Smt. Bimla Devi.
AO had treated the amount stated in the registered conveyance deed as sale consideration & taxed it as undisclosed capi...
Author Info
Because there was a dispute they executed a sale deed and had to face the situation .