Capital gain not payable on partition or family settlement

Sujan Azad Parikh Vs DCIT (ITAT Mumbai) Partition or family settlement is not transfer. When there is no transfer there is no capital gain and consequently no tax on capital gain is liable to be paid. Facts- AO did not allow the claim of the assessee that No tax should be levied on a sum of ₹.2,08,64,396.72/- as LTCG admittedly arising from transfer of shares out of family arrangement by CLB order, although the same was included in the total taxable income calculated by the assessee in his ROI. AO rejected the claim of the assessee during the assessment proceeding on the technical ground tha...