Deduction U/s. 54 on Gain from Relinquishment of right in bungalow

Bhavin Piyushbhai Palkhiwala Vs ITO (ITAT Ahmedabad) The assessee was the joint-owner in 2 bungalows bearing No. 15 and 16 located at Ashwamegh Ahmedabad along with his family members. The assessee claimed to have relinquished his right in bungalow No. 15 without any consideration in favor of his relatives. However, the AO was of the view that the assessee received consideration of Rs. 27 Lacs on account of relinquishment of his right in the property which was not disclosed in the income tax return. Accordingly, the AO treated such sum of Rs. 27 Lacs as income of the assessee under the head ca...