Case Law Details
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 that the return of income of the assessee filed originally was not revised on this account u/s. 139 of the Act and therefore this plea cannot be considered. On appeal the Ld. CIT(A) vide order dated 06.03.2009 upheld the decision of the AO. Aggrieved by the decision, assessee preferred appeal before ITAT.
Conclusion-
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