Case Law Analysis
|Income Tax Appellate Tribunal
Section 2(47) Transfer via Surrender of Allotment Rights Triggers Capital Gains, Not Unexplained Income Under Section 69A : ITAT Mumbai
ITAT Mumbai rules that surrendering rights in a capital asset (via allotment letter) constitutes a 'transfer' under Section 2(47), making capital gains taxable under Section 45. This disqualifies additions under Section 69A for unexplained income and preserves Section 54 exemption eligibility for assessees.