Case Law Details
Case Name : Sunil Kumar Vs ITO (ITAT Delhi)
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 capital gains. CIT(A) u...
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Author Bio
Because there was a dispute they executed a sale deed and had to face the situation .