Seshasayee Steel P. Ltd. vs Assistant Commissioner Of Income Tax
Whether the agreement to sell, power of attorney, and subsequent compromise deed constituted a 'transfer' of capital asset under Section 2(47) of the Income Tax Act, 1961, attracting capital gains tax for Assessment Year 2004-2005 --- Held: Yes, the compromise deed extinguished the assessee's rights and constituted a transfer under Section 2(47)(ii) and (vi).
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