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Whether the Tribunal is correct in law in giving relief to the assessee by placing reliance on the definition of 'gift' under section 122 of the Transfer of Property Act, without considering the definition of section 2(47)(i) of the Income-tax Act, which deals with sale, exchange or relinquishment of an asset ?

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Section 2(47) of the Income-tax Act, 1961—Capital gain— Tribunal concluded that the artificial definition made by Lower Authorities with reference to gift and settlement was not appropriate and it was of the opinion that for the purpose of section 49(1)(ii), there was no difference between gift and settlement and that in the instant case, the settlement made with the assessee's brother could not attract capital gains on this count and there are no reasons as to how the Tribunal came to such a conclusion, thus, the impugned order is set aside and the matter is remitted back to CIT(A) for a fresh consideration in accordance with law. - PR. CIT V/s YOGARATHAM (S.) - [2020] 273 TAXMAN 513 (MAD)