Renouncing of right to purchase a property in lieu of a sum was ‘transfer’; to be taxed as capital g

IT: Where on account of failure of vendor to act upon agreement to sell, assessee filed a civil suit for specific performance which ultimately resulted in compromise, in view of fact that as per terms of MOU, assessee gave up his claim over property against consideration received, it could be interpreted that assessee had relinquished or extinguished his right over property in terms of section 2(47)