#Property Transactions

ITAT Ahmedabad clarifies that capital gains tax under Section 45 of the Income Tax Act applies only to the amount actually received by a confirming party, not the entire sale consideration. The ruling underscores the need for tax authorities to assess liability based on real receipts, offering relief to taxpayers involved in joint property transactions where proceeds are shared.

Bombay High Court rules that revocation of a trust property sanction under Section 36(2) of the Maharashtra Public Trusts Act demands clear proof of fraud, not mere irregularities or disagreements. The judgment reinforces the high threshold for interference in trust property transactions, protecting trustees from arbitrary revocation.