Compensation Received for Relinquishment of Right in a Property is assessable under ‘Income from Capital Gains’ and eligible for Deduction u/s 54F: ITAT [Read Order]

Relinquishment - Property - Income - Capital Gains - Deduction - ITAT - Taxscan

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) presided by Mr. I G. Manjunatha, Accountant Member, and Mr. Anikesh Banerjee, Judicial Member has held that compensation received for relinquishment of right in a property is assessable under ‘income from capital gains’ and eligible for deduction u/s 54F. The assessee, Mr. Keezhayur…

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The Deputy Commissioner of Income Tax vs Mr. Keezhayur Sowrirajan Sreenivasan

Counsel for Appellant:   Mr. G.Johnson

Counsel for Respondent:   Mr. K.Senguttuvan & Mr.V.Veeraraghavan

CITATION:   2022 TAXSCAN (ITAT) 825

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