Property Transfer Between Spouses Without Actual Consideration Not Taxable As Capital Gains: ITAT

The ITAT has ruled that a "property transfer between spouses without actual consideration" is "not taxable as capital gains." The tribunal's decision, which is a significant victory for the taxpayer, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason.